Office Depot 4Q Profit Drops

Del Ray Beach, Fla. Office Depot announced Tuesday that its fiscal fourth-quarter profit fell 85% as sales in North America slipped and last year's period benefited from a gain from the sale of a building.

Earnings fell to $18.8 million, compared with $126.6 million a year earlier. The company said revenue rose 1% to $3.87 billion from $3.84 billion in the previous year. North American retail sales fell 3%.