Staples Inc. (SPLS – Analyst Report), a leading retailer of office products and services, released first-quarter fiscal 2016 results, wherein adjusted earnings of 17 cents a share beat the Zacks Consensus Estimate by a penny and came in line with the year-ago period.

Management now projects second-quarter fiscal 2016 earnings in the range of 11-13 cents a share.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 has remained unchanged over the last 7 days. In the trailing four quarters (excluding the quarter under review), the company underperformed the Zacks Consensus Estimate by an average of 1.8%.

Revenues: Staples, which did not succeed in its attempt to takeover Office Depot (ODP), generated total sales of $5,101 million that came ahead of the Zacks Consensus Estimate of $5,080 million but declined 3% year over year. On a currency neutral basis and excluding the impact of store closures last year, total sales fell 1%. The company plans to shutter at least 50 outlets in North America in fiscal 2016.

For the second quarter of fiscal 2016, the company anticipates sales to fall compared with the prior-year quarter.

Zacks Rank: Currently, Staples carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.