FRAMINGHAM — Shares of Staples Inc. dipped Wednesday after the No. 1 retailer of office supplies reported lower year-over-year sales and profits for its fiscal first quarter.
For the three-month period ending May 2, Staples reported net income of $59 million, or 9 cents per share. That was 39 percent lower than the $96 million recorded in the comparable year-ago period.
Quarterly revenues were $5.26 billion, down from 6.9 percent from the $5.65 billion recorded a year earlier and short of the $5.46 billion forecast by analysts.
Earnings, adjusted for non-recurring costs, were 17 cents per share. That matched expectations.
Staples has stores locally at the Chelmsford Mall, Staples Plaza on the Daniel Webster Highway in Nashua, Farm Hill Plaza in Acton and on Middlesex Turnpike in Burlington.
Shares closed Wednesday at $16.15, down 26 cents.
