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 11:33:22 am Views: 35
  • #22885
    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.