ODP reports preliminary 2Q comps decline

DELRAY BEACH, Fla. Office Depot reported that due to weakening business conditions in the second quarter, North American retail same-store sales decreased nearly 10% versus the prior year and total company sales were down slightly.

Office Depot said it is disappointed with these preliminary results driven by a very difficult business environment, but it continues to press ahead with the implementation of its strategic plans and margin expansion initiatives. While the company anticipates the economic environment to be difficult over the balance of the year, it expects its profit margins to improve sequentially in the third and fourth quarters.