Staples Profit Rises 29%; Dividend Planned

Staples Inc., the world’s biggest retailer of office supplies, said fourth-quarter profit rose 29% as businesses increased spending at its stores. The company will pay an annual cash dividend for the first time.

Net income rose to $211.9 million, or 42 cents a share, from $164.7 million, or 35 cents, a year earlier, Framingham, Mass.-based Staples said. Sales climbed 10% to $3.68 billion, the smallest gain in five quarters.

Staples shares fell 50 cents to $26.55 on Nasdaq.