Office Depot reports $413 million loss

Thu. October 29, 2009; Posted: 11:12 AM

Oct 29, 2009 (Sun Sentinel - McClatchy-Tribune Information Services via COMTEX) -- ODP | Quote | Chart | News | PowerRating -- Office Depot reported a loss today of $413 million, or $1.51 a share, in its third quarter ending Sept. 26, compared with a loss of $7 million, or 2 cents a share, in the same period of 2008. The Boca Raton office supply retailer said it continues to be affected by lack of consumer and small-business spending.

Third-quarter sales decreased 17 percent to $3 billion compared with $3.66 billion in the same period a year ago. Office Depot's North American retail sales fell 18 percent to $1.3 billion, which the company said was due in part to having 117 fewer stores open in the quarter than the previous year period.

Comparable store sales in the 1,144 stores in the U.S. and Canada that have been open for more than one year decreased 14 percent for the third quarter compared to the prior year period. Office Depot said consumer and small business customers continued to hold back their spending.

Closing underperforming stores and reduced operating expenses boosted the retailer's profit margin in North American stores. Office Depot posted an operating profit of $35 million in its third quarter, compared with $12 million in the same quarter a year ago.

Office Depot closed one store, opened one and relocated three stores during the quarter, bringing its North American store count to 1,158.

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For full details on Office Depot Inc (ODP) click here. Office Depot Inc (ODP) has Short Term PowerRatings of 7. Details on Office Depot Inc (ODP) Short Term PowerRatings is available at This Link.

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