Staples posts higher-than-expected profit

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NEW YORK (Reuters) - Staples , the world's largest office products retailer, posted a higher-than-expected third-quarter profit, helped by higher sales from the acquisition of Dutch peer, Corporate Express.

STAPLES (SPLS.NQ)said net earnings fell to $156.7 million, or 22 cents a share, in the fiscal third quarter that ended November 1, from $274.5 million, or 38 cents a share a year earlier.

Excluding charges tied to litigation and the purchase of Corporate Express, Staples earned 42 cents a share, compared with analysts' average expectation for 41 cents a share, according to Reuters Estimates.

Total quarterly sales rose 34 percent to $6.95 billion.

Excluding the impact of Corporate Express, sales fell 3 percent to $5 billion, Staples said.

Sales at North American retail stores fell 6 percent, while sales at stores open at least a year were down 8 percent, due to a decline in order size and customer traffic.

Sales of office supplies have suffered as small-business customers contend with higher commodity costs, a drop in housing values and difficulty securing credit.

Rivals OfficeMax and Office Depot have predicted significant sales declines for the remainder of the year as small business customers cut spending, hurt by the financial crisis that has taken a particular toll on furnishings and office supply retailers.

Staples said it expects annual synergies from the Corporate Express acquisition to build over three years to $300 million.

(Reporting by Aarthi Sivaraman and Sarah Coffey, Editing by Maureen Bavdek)

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