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Office Depot swings to loss in Q3, but results beat Street
Boca Raton, Fla. -- Office Depot Inc. reported Tuesday a loss of $61.9 million for the third quarter, compared with net income of $100.9 million in the same period last year. Results still edged analysts’ expectations.
Revenue dropped 5.1% to $2.69 billion, missing Wall Street’s expected $2.89 billion revenue mark.
Revenue for the office supply chain has fallen for the past three quarters. -
OfficeMax Q3 profit leaps on extinguished Lehman liability
Naperville, Ill. -- OfficeMax Inc. reported Tuesday that net income for the third quarter jumped to $433.5 million from $22 million in the same period last year, as the office supply retailer eliminated non-recourse debt guaranteed by Lehman Bros. Holdings from its books.
Revenue dipped 1.7% to $1.74 billion, missing Wall Street’s expected $1.87 billion. Same-store sales fell 2.1%.