OFFICE DEPOT Q3 LOSES OF $ 413M ,SALES DOWN 17%

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OFFICE DEPOT Q3 LOSES OF $ 413M ,SALES DOWN 17%

 user 2009-11-06 at 11:32:36 am Views: 46
  • #22884

    http://www.palmbeachpost.com/business/content/business/epaper/2009/10/29/1029officedepot.html
    OFFICE DEPOT Q3 LOSES OF $ 413M ,SALES DOWN 17%
    BOCA RATON — Office supplies retailer Office Depot Inc.  said today that its third-quarter loss widened, thanks in part to a sales decline of 17 percent.The Boca Raton-based company, which reported its third-quarter earnings results before the market opened, said that it lost $413 million, or $1.51 per share, in the quarter ended Sept. 26. That’s compared with a loss of $7 million, or 2 cents per share, in the same period a year ago.Total sales fell to $3.03 billion from $3.66 billion a year ago.

    Analysts on average had expected a loss of 10 cents per share on revenue of $3.08 billion for the quarter.Like many other companies, Office Depot has struggled to restructure in light of the economic times.The company said sales declines could be attributed partly to the fact that it has 117 fewer North American stores and 26 fewer Japanese stores than a year ago.In addition, Office Depot closed one North American store in the third quarter, opened one and relocated three stores, bringing the total store count for North America to 115, according to the company.

    Inventory for those remaining North American stores was down about 14 percent from the prior year, because of better inventory management and “reduced exposure” to big-ticket items, the company said.”We are pleased with both our operating results and cash flow performance in the third quarter,” Mike Newman, Office Depot’s chief financial officer, said in a statement. “We exceeded our expectations in the quarter as a result of strong execution across the entire enterprise.”The company will hold a conference call this morning to discuss its third-quarter earnings.