Staples Falls After Forecasting Profit Less Than Estimates
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Staples Inc., the world’s largest office-supplies chain, tumbled after forecasting annual profit that was less than analysts estimated amid what the chief executive officer called “a challenging sales environment.”
The shares slid 7.1 percent to $12.34 at the close in New York, for the lowest price since Jan. 14. The Framingham, Massachusetts-based company had gained 17 percent this year through yesterday, compared with an 8 percent gain for the Standard & Poor’s 500 Index.