GO
Loading...

Staples: Listening To The Company Conference Call

Staples Store
Staples Store

Moments ago on the Staples conference call...the CEO says he that he was cautious about the consumer last quarter and now that's progressed to "worried" about the consumer. The retail business is particularly weak in Florida (Tampa, Orlando) and California.

Consumers are buying less and clearly nervous about the future. The company's delivery business is fine but the small business orders are slowing. In other words, this is a consumer slowdown--not a business slowdown. The company is pointing to concern about credit lines and the credit markets with making small businesses buy less. Back to school buying is weaker than last year but that may be due to schools starting later.

More of the conference call to follow.

Questions? Comments? retaildetail@cnbc.com

Retail

Latest Special Reports

  • Financial advisors stress that now is the time for investors to get serious about year-end financial planning checkup.

  • File photo: Participants at a hacking conference in Germany

    A series of high profile cyber attacks has created huge economic opportunity as businesses look to fend off future attacks.

  • Is an active twist on passive investing the right portfolio move? An inside look at the rise of ETF strategists.