Our Internet business has surpassed our own expectations this quarter and we are on our way to becoming the online destination for small business -- the place where business does business.
Staples' and Quill's direct marketing operations are complementary. Quill's highly developed direct marketing skills will enhance Staples' ability to address the delivered office products market.
Our core business has been really strong. That's to say, just our retail stores grew at 6 percent year over year. And again, this was a depressed quarter. We've actually been 7 percent or more in most quarters and we expect it to be that way during the fall period. That's one of the strongest performances in all of retailing. So our core retailing business remains exceptionally strong.
We are disappointed with Judge Hogan's ruling, especially given the strength of our case and supporting evidence that demonstrate the enormous cost savings that would have resulted from our proposed merger ... This is a sad day for small businesses and consumers.
Really, it's entirely the very strong investment we made to build up an industry-leading dot.com position. Our normal retail profits are up materially from the prior year. This decline simply reflects the very significant investment we've made over a six-quarter period to build up our dot.com business. And as we announced, we're already seeing terrific rewards from that.
These partnerships are designed to make Staples.com the one-stop e-commerce shop for small businesses.
Staples' and Quill's direct marketing operations are complementary.
We really don't think its necessary for the Fed to take action, ... If there's inflation in the economy, we really don't see it.
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