Staples Inc. reported net income of $24.8 million for its first quarter, down from $93.9 million last year.
The office supplies direct marketer and retailer posted total sales of $3.1 billion for the quarter ended May 3, up 15% from $2.7 billion last year.
The Framingham, MA firm attributed this performance to accounting rule changes reducing its net income by $62 million after taxes.
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