Corporate Express earnings halved (update)

Office supplies group Corporate Express said on Monday it had booked net profit of €16.2m in the third quarter of the year as problems on the US market continue to pressure sales.

Turnover was up 3.6% to €1.57bn.
Corporate Express books more that 50% of its turnover in the US, but has been struggling against a falling market share and declining margins.
‘We have a lot of work to do,’ CEO Peter Ventress said at the earnings presentation. ‘It is a difficult market. The number of new office jobs is declining and no-one knows what the effect of the credit crisis will be on the economy.’

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