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Domestic comps boost Depot
February 2005 – Delray Beach (FL): Boosted by strong North American
retail sales, Office Depot has posted a rise in its Q4 profit.
Net
income for the quarter reached $52.8 million, or EPS of $0.17, compared to $46.8
million, or EPS of $0.15, registered a year ago. Total sales grew 7 per cent to
$3.5 billion, with global comp sales up 2 per cent.
Depot’s North
American retail division performed particularly impressively in Q4, with
same-store sales up 4 per cent.
Looking back over the past year,
Chairman/CEO Neil Austrian said: “On balance, 2004 was a good year for Office
Depot. We improved both the sales and profitability of North American retail.
Profitability increased in the business services group, although sluggish
catalogue sales held back our overall growth rate. International earnings grew
over last year, but the sales contribution from the Guilbert acquisition fell
short of our targets.”
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