OFFICE DEPOT WARNS ON SALES

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OFFICE DEPOT WARNS ON SALES

 user 2007-12-19 at 4:09:00 pm Views: 67
  • #21167

    Office Depot warns on sales
    NEW
    YORK DEC 07 – Office Depot Inc the No. 2 U.S. office supply chain, said
    on Tuesday sales would remain challenging in early 2008 and that
    second-quarter same-store sales could be close to flat.The retailer
    also said in a regulatory filing that it sees sales at its North
    American Business Solutions unit beginning to improve on a
    year-over-year basis in the first half of 2008.Last week the company
    said it expected fourth-quarter sales and earnings to fall as
    housing-related struggles spread into more of its markets.In order to
    lure the North American small business owners who are among its key
    customers, Office Depot said it would extend lower entry price points
    to them.The company also said it would offer a low price guarantee that
    includes matching competitors’ prices on identical products, and it
    disclosed plans to expand its private label brand.Sales at office
    supply chains, including industry leader Staples Inc , have ebbed in recent quarters as slowing job
    growth, the weak U.S. housing sector and credit market worries have led
    many small businesses to cut spending.Shares of Office Depot, which
    have plunged 65.6 percent in the last year, were down 19 cents, or 1.35
    percent, to $13.90 in midday trading on the New York Stock Exchange.