Office Depot meets Q1 profit forecasts, misses on sales

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.



Sales fell 11% to $3.88 billion from $4.35 billion, missing estimate, with a 9% decline in North America and a 20% drop in international sales.



"As expected, we experienced sales declines compared to prior year, driven primarily by planned store closures and foreign currency translation," said CEO Roland Smith.



Office Depot said it continues to expect its acquisition by Staples to close by the end of the year.