OFFICE DEPOT POSTS 2ND Q. PROFIT HIKE

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OFFICE DEPOT POSTS 2ND Q. PROFIT HIKE

 user 2005-07-30 at 11:18:00 am Views: 62
  • #12152
    Depot posts Q2 profit hike
    July 2005 – Delray Beach (FL): Office Depot has posted a whopping 26 per cent rise in its Q2 income.

    The power played registered net earnings of $100 million, with EPS up 24 per cent to $0.31. Sales lifted 6 per cent to $3.4 billion, while North American retail comp sales rose 3 per cent.

    It was not all good news for Depot, however, with a decline in gross margin at its international operation. Division operating profit, as a percentage of sales, fell from 12.9 per cent to 10 per cent.

    Depot’s chairman and CEO Steve Odland said: “We are pleased with our overall performance this quarter.” But he added: “Our international operating results, however, did not keep pace with those of our North American divisions. Over time, we need to grow this business at a more rapid rate and deliver improved profitability.”