Office Depot sees improvement in Q1 results

BOCA RATON, Fla. Office Depot announced that total company sales for the first quarter of 2010 were $3.1 billion, a 5% decrease compared with the first quarter of 2009.

The company reported earnings, after preferred stock dividends, of $20 million in the first quarter of 2010, compared with a loss of $55 million in the first quarter of 2009. Earnings per share were 7 cents for the quarter, versus a loss per share of 20 cents in the same period one year ago.

 

“Our first quarter operating results exceeded our expectations due primarily to a stronger than anticipated performance for the second consecutive quarter by our international division,” said Mike Newman, Office Depot’s chief financial officer. “We’re pleased that these results include year-over-year gross profit margin improvement, marking the third consecutive quarter of such improvement.”

 

First quarter 2010 sales in the North American retail division were $1.3 billion, a decrease of 6% compared with the same period last year, mostly due to closing 120 stores in 2009 as part of the restructuring, according to the company. Comparable-store sales in the 1,133 stores in the U.S. and Canada decreased 1% for the first quarter compared with the prior-year period.

 

First quarter 2010 sales in the North American business solutions division were $831 million, a decrease of 9% compared with the same period last year, Office Depot reported.

 

Office Depot reported that first quarter 2010 sales in the international division were $894 million, an increase of 2% in U.S. dollars compared with the same period last year. First quarter sales in local currency decreased by 5% due primarily to a decline in the number of customer transaction counts.

Office Depot sees improvement in Q1 results

BOCA RATON, Fla. Office Depot announced that total company sales for the first quarter of 2010 were $3.1 billion, a 5% decrease compared with the first quarter of 2009.

The company reported earnings, after preferred stock dividends, of $20 million in the first quarter of 2010, compared with a loss of $55 million in the first quarter of 2009. Earnings per share were 7 cents for the quarter, versus a loss per share of 20 cents in the same period one year ago.

 

“Our first quarter operating results exceeded our expectations due primarily to a stronger than anticipated performance for the second consecutive quarter by our international division,” said Mike Newman, Office Depot’s chief financial officer. “We’re pleased that these results include year-over-year gross profit margin improvement, marking the third consecutive quarter of such improvement.”

 

First quarter 2010 sales in the North American retail division were $1.3 billion, a decrease of 6% compared with the same period last year, mostly due to closing 120 stores in 2009 as part of the restructuring, according to the company. Comparable-store sales in the 1,133 stores in the U.S. and Canada decreased 1% for the first quarter compared with the prior-year period.

 

First quarter 2010 sales in the North American business solutions division were $831 million, a decrease of 9% compared with the same period last year, Office Depot reported.

 

Office Depot reported that first quarter 2010 sales in the international division were $894 million, an increase of 2% in U.S. dollars compared with the same period last year. First quarter sales in local currency decreased by 5% due primarily to a decline in the number of customer transaction counts.

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