(Bloomberg) — Staples Inc., the world's largest office-supply chain, said it can't yet "reasonably" estimate the potential losses and expenses it will incur in connection with the possible credit-card data breach disclosed last month.
While the company said it believes the malware used in the intrusion has been identified and eliminated, the investigation is still in the early stages, according to a filing today. The Framingham, Massachusetts-based retailer said its network- security insurance may help reduce any financial impact.
Staples' potential data theft is among a wave of breaches at companies such as Home Depot Inc., Target Corp., Sears Holdings Corp.'s Kmart chain and Neiman Marcus Group Ltd. that have put pressure on retailers to bolster security.
Staples rose 9.1% to $13.92 at the close in New York after the company reported third-quarter profit that topped analysts' estimates. The shares have slid 12% this year, compared with an 11% gain for the Standard & Poor's 500 Index.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.