Office Depot 3Q comps fall flat

DELRAY BEACH, Fla. Office Depot announced today that for the third quarter of 2007, sales increased 2% to $3.9 billion. Sales in the North American retail division were flat with comparable-store sales down 5% for the quarter. The North American business solutions division reported a 3% sales decline in the quarter while international division sales increased 13% in U.S. dollars and 5% in local currencies.

Net earnings on a GAAP basis were $117 million compared to earnings of $129 million in the same period of 2006. GAAP earnings per share on a diluted basis were 43 cents for the quarter, versus 45 cents in the third quarter of 2006.

For the first nine months of 2007, sales were up 4% and GAAP earnings per share were up about 5% versus the same period in 2006.