STAPLES TO REPURCHASE $1.5B IN SHARES, ADD MORE FURNITURE.(Brief Article)
HFN: The Weekly Newspaper for the Home Furnishing Network, October, 2005
NEW YORK-Staples Inc. the office supplies retail giant, said that its per-share profit next year will rise as much as 20 percent and that it will buy back $1.5 billion more in shares.
The stock repurchase plan will kick off when the existing $1 billion repurchase program is completed. The company expects the current plan to be completed by November and the new plan will run through 2007.
Staples also plans to add more furniture to its shelves, including a line from the California Closets brand, according to Michael Miles, chief operating officer of Staples, during a meeting with analysts earlier this month.
He added that the home-storage furniture addition would help boost net income to as much as $1.26 a share in the fiscal year starting...
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