The company's overall revenue rose 5 percent to $5.82 billion, beating analysts predictions of $5.64 billion. 2010 revenue for the period was $5.33 billion.
Staples' strong quarter signaled confidence in a recovering office supply market, building on a slowly strengthening economy. Following the company's earnings call, as well as similarly strong report from retailer Target, the Standard & Poor 500 Index saw its fourth increase in five days, advancing 0.3 percent. The Dow Jones Industrial Average saw similar gains of 26 points, or 0.2 percent. These increase comes after a massive slide in stock values following Standard & Poor's downgrading of the United States' credit rating on August 5.
Kyle A. Richardson is the editorial director of Promo Marketing. He joined the company in 2006 brings more than a decade of publishing, marketing and media experience to the magazine. If you see him, buy him a drink.