Staples, Inc. , a leading retailer of office products and services, released first-quarter fiscal 2017 results, wherein adjusted earnings from continuing of 17 cents per share came in line with the Zacks Consensus Estimate, but declined 11% from the year-ago period.

Management projects second-quarter fiscal 2017 adjusted earnings in the range of 10–13 cents a share.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has been stable in the last 7 days. In the trailing four quarters (excluding the quarter under review), the company surpassed the Zacks Consensus Estimate by an average of 1.6%.

Revenues: Staples generated total sales of $4,149 million that lagged the Zacks Consensus Estimate of $4,539 million and also declined 4.9% year over year. Comparable-store sales declined 2.6%.

The company closed 18 outlets in North America in fiscal first quarter. Moving ahead, it plans to shut down about 70 stores in North America in fiscal 2017.

Zacks Rank: Staples currently carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Stock Movement: Staples shares are up nearly 2% during pre-market trading hours following the earnings release.

Check back later for our full write up on Staples’ earnings report!

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