Staples reduces number of store openings - Brief Article

DSN Retailing Today, March 6, 2001

FRAMINGHAM, MASS. -- Staples has lowered its expectations for new store construction in the wake of the overall retail sales slowdown and issues specific to the office superstore channel. In North America, the company said it would reduced square footage growth to 12% down from 17% the prior year.

This equates to 140 stores openings as opposed to 160 in North America last year. Globally, Staples opened 189 stores last year, but will open only 160 this year. The company also guided analysts lower in their estimates of growth. The company's guidance is for earnings growth in the 20% to 25% range, as opposed to the 30% Staples had long been adament about being able to achieve.