Staples Plans to Open 150 U.S. Stores a Year in Next Two
Years
Bloomberg
April 21, 1998, 9:17 a.m. PT
Westborough, Massachusetts, April 21 (Bloomberg) -- Staples
Inc. plans to open 150 U.S. stores a year for at least the next
two years and to open 20 stores in Europe by the end of its
fiscal year ending Jan. 31, 1999, Investor's Business Daily
reported. Executive Vice President and Chief Administrative
Officer John Mahoney said that in addition to new stores, the
company is generating growth through expanding sales at older
stores, adding that on a same-store basis, sales are up ''about
12 percent quarter over quarter.'' Although Staples faces a lot
of competition, analysts still favor it, with PaineWebber Inc.
retail analyst Aram Rubinson calling Staples ''one of the
smartest retailers I know,'' the paper said.
Earlier this month, Staples agreed to buy closely held Quill
Corp. for about $685 million in stock, gaining a direct marketer
that will increase its sales of discounted office supplies to
smaller businesses.
(IBD 4/21 A29 www.investors.com) |
