Staples cuts outlook on weak global demand

Staples Inc (SPLS.O) reported lower-than-expected quarterly results on weak demand in North America, Europe and Australia, prompting the largest U.S. office supply chain to cut its profit and sales forecasts for the year.

Current expectations for the year assume slower growth in the U.S. economy and continued weakness in Europe, Staples said on Wednesday. The news pushed Staples shares down as much as 16.8 percent to their lowest level since 2003.

Many investors look at office supply retailers as a barometer of economic health because demand for their products is closely tied to white-collar employment rates.

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- Posted: 2012-08-15 15:20:42

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