Staples Inc., the office supply chain that is parent to Staples Advantage and Staples Promotional Products, has released a statement announcing the company’s second quarter 2011 dividend. The cash dividend for common stocks is $0.10 per share. The dividend is payable on July 14, 2011 for shareholders and June 24, 2011 to shareholders of record.
The dividend statement comes after the company announced a disappointing first quarter performance, reducing Staples’ expected per-share earnings by $0.15. The company’s stock value dropped 16 percent on the day of the announcement.
Ron Sargent, the chairman and CEO for Staples Inc., recently made a statement to the press that he expected the office supply category would consolidate in the face of reduced interest and pressure from online competitors. He indicated that Staples’ two retail competitors, OfficeMax and Office Depot, could seek a merger. Sargent did not indicate if he thought the same pressure would affect Staples’ promotional product divisions.
