JP Morgan Maintains Overweight Rating on Staples

A report from J.P. Morgan reiterates its Overweight rating on Staples SPLS. The report states, “Sales Soft Across the Board with International Missing Widely. Total sales were up 0.5% vs. guidance of +LSD, with NA Retail comps down 1.0% vs. +0.5%E driven by a decrease in customer traffic and flat average order size. NAD sales rose 1.8% vs. 3.1% in 2Q and 3.0%E and reflected a 20 basis point deceleration in the 2YR run rate.” SPLS closed yesterday at $15.37.