-
Office Depot beats estimates; raises full-year outlook
Boca Raton, Fla. -- Office Depot on Tuesday reported better-than-expected results for third quarter and raised its outlook for the year. The retailer posted a profit of $29 million for the third quarter compared with $133 million in the year-ago quarter. The previous-year quarter included a gain on the sale of the Office Depot de Mexico joint venture. Sales grew 55% to $4.07 billion, fueled by the addition of OfficeMax. -
Merger magic evident at Office Depot
Sales continued to decline at Office Depot in the third quarter, but CEO Roland Smith said excellent execution allowed operating profits to more than double.
Total company sales on a pro-forma basis to reflect the merger of Office Depot and OfficeMax declined 3% to $4.1 billion during the period ended Sept. 27. The top line decline was steeper at the company’s 1,851 unit North American retail division where sales declined 7% to $1.7 billion due to store closures and a 3% same store sales decline driven by a reduced transaction volume.
