Office Depot reports 1Q sales decrease

DELRAY BEACH, Fla. Office Depot reported that total company sales for its first quarter 2008 decreased 3% to $4 billion. Net earnings were $69 million in the first quarter of 2008, compared to $154 million in the same period of 2007. Earnings per share on a diluted basis were 25 cents for the quarter, versus 55 cents in the first quarter of 2007 and 7 cents for the fourth quarter of 2007.

The company first quarter sales in the North American retail division were down 7% to $1.7 billion. Comparable-store sales in the 1,169 stores in the U.S. and Canada that have been open for more than one year decreased 9% for the first quarter.