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"Our customers are using less office supplies, they're shopping less often in our stores and more online, and their focus on value has made the marketplace even more competitive," Chief Executive Ronald Sargent said on a post earnings call.

Saucony Bullet Shoes

Saucony Bullet Shoes

The company said on Thursday that it would refresh about 20 percent of the products in its stores, adding new items in categories beyond office supplies.

In North America, the company will add eight new categories including maintenance repair and operations items, storage solutions and retail supplies for small businesses.

´╗┐Staples to shut 225 stores

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Staples said it would add about 1,600 items in categories beyond office supplies and remove about 1,000, beginning mid March.

Staples Inc said it would close up to 225 stores in the United States and Canada 12 percent of its North America outlets and forecast another quarter of sales decline as it loses customers to mass market chains and e retailers. office supplies retailer fell as much as 17 percent after the company also reported weaker than expected fourth quarter results and forecast a profit for the current quarter that fell far below analysts' estimates.

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operations rose to $212 million, or 33 cents per share, from $90 million, or 14 cents per share, a year earlier.

it had initiated a multi year cost reduction plan that was expected to generate annualized pretax cost savings of about $500 million by 2015.

"The company had years to close and shrink the store base and stuck to its guns, and that decision is likely to impact them for the foreseeable future. This is too little, too late," Janney Capital Markets analysts wrote in a note to clients.

the New York Stock Exchange.

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Staples' sales dropped 10.6 percent to $5.87 billion in the quarter ended Feb. 1, marking the fourth straight quarter of decline. Analysts on average had expected $5.97 billion.

Analysts said the store closures, which would take place by 2015, were unlikely to boost the company's results in the near term.

Net income from continuing Saucony Triumph Iso 2

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Sales at the company's international division fell 13 percent, hurt by weakness in Europe and Australia.


Saucony Bullet Shoes

Saucony Bullet Shoes

The company earned 33 cents per share from continuing operations, excluding items. Analysts on average had expected 39 cents per share.

Staples has been shifting its focus to new categories such as business technologies, breakroom supplies, and copy and print services from traditional office supplies like paper and toner.

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Staples forecast earnings of 17 22 cents per share for the first quarter. Analysts on average were expecting 27 cents, according to Thomson Reuters I/B/E/S.

Excluding the impact of an extra week Saucony Bullet Shoes in the year earlier quarter, total sales declined 4 percent.

Staples' shares were down 15.2 percent at $11.37 on the Nasdaq in late morning trading, while Office Depot's stock was down 3.7 percent at $4.73 on Reebok Classic Shoes Black


The company had earlier increased and diversified the items it sold on its website.

Sargent was upbeat about Staples' online sales, which rose 10 percent in the fourth quarter due to higher traffic and strong technology product sales in the holiday shopping season.

Office Depot, which reported a surprise quarterly loss last week, said it expected sales to continue to fall in 2014.

Staples said Saucony Burger 5000

Staples gets 27.5 percent of its revenue from core office supplies and 20.2 percent from ink and toners.

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"Staples' disappointing fourth quarter performance further highlights the ongoing secular and cyclical challenges facing the office supply retailing industry," BB Capital Markets analyst Anthony Chukumba wrote in a note to clients.

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