Staples Inc. said yesterday that during its first quarter ended May 3 sales reached $3.1 billion, an increase of 15 percent from $2.7 billion in the year-ago quarter.
Staples , Framingham, MA, achieved pro forma net income of $86 million. However, due to a change in accounting rules for recording vendor consideration, it posted a one-time, non-cash adjustment that reduced first-quarter net income by $62 million after taxes.
Net income plummeted from $93.87 million during the 13 weeks ended May 4, 2002, to $24.76 million in the comparable period ended May 3.
