Office Depot, LLC

Framingham, Mass. -- Staples Inc. reported a 39% decline in first-quarter profit amid declining sales and store closures. The results came as the chain is waiting for regulatory approval of its proposed takeover of rival Office Depot.

Staples reported a profit of $59 million, down from $96 million a year earlier.

Revenue slid 6.9% to $5.3 billion. Online sales grew 3%.

Same-store fell 5% in the quarter. Store traffic was down 2%, and the average order size fell 3%.

Traffic problems continued to hinder Staples in the first quarter even as the company awaits regulatory approval of its merger with Office Depot. 

Boca Raton, Fla. – Office Depot is seeking a shareholder vote on its proposed $6.3 billion merger with Staples Inc. at its annual meeting on June 19. According to a statement filed with the Securities and Exchange Commission (SEC), Office Depot is requesting that shareholders approve the proposed acquisition by Staples.

In addition to approval by Office Depot shareholders, the agreement also needs to be approved by the Federal Trade Commission (FTC). With all approvals in place, the deal would finalize by the end of 2015.

Office Depot is trying to get shoppers to think about computers instead of barbecue grills with a Memorial Day promotion.

The retailer has announced two weeks of Memorial Day sales beginning on May 17 while also offering clearance deals of up to 65% off the regular price on tech, supplies and more and furniture discounts up to 40% off the regular price that are sure to please every retail store shopper.

The hottest items in the “Gear Up for Great” sale will include:

Staples is accelerating its pursuit of growth opportunities abroad even as the company awaits regulatory approval of a proposed merger with Office Depot.

Staples has announced a partnership with Bidvest Waltons, South Africa’s leading office products company, and Dacris, a major distributor of office supplies in Romania.

Chicago -- HRC Advisory, a strategic retail advisory firm and unit of Hilco Global, announced that it has promoted Farla Efros, an accomplished retailing and merchandising strategist, to the position of president. She will continue to report to Antony Karabus, CEO of HRC Advisory.  

Boca Raton, Fla. -- Office Depot Inc. on Tuesday reported a first-quarter net profit of $45 million, compared with a loss of $109 million in the year-ago period. Its results met analysts’ expectations.

The office supply retailer said excluding non-recurring items, including costs associated with the planned acquisition of Office Depot by Staples Inc. adjusted earnings per share were 13 cents, matching the FactSet consensus.

Sunnyvale, Calif. -- Boomerang Commerce, a provider of omnichannel pricing technology, announced that Office Depot, Sears, and Groupon have deployed Boomerang’s Price Perception Index and rapid pricing testing platform.

Boomerang enables revenue growth and protects margins by rapidly analyzing, testing and deploying smart pricing, inventory and assortment strategies.

In addition, Boomerang unveiled two executive hires to help scale the team and the company’s global sales and marketing efforts.

Store closures led Office Depot sales to decline in the first quarter, but the retailer still reported a sizable bump in profit.

Staples and Office Depot are celebrating National Teacher Appreciation Week with big savings for educators.