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As of 12:34 PM 09/2/14 All times are local (Market data is delayed by at least 15 minutes).

office depot inc (ODP) Key Developments

Office Depot, Inc. Announces Unaudited Consolidated Earnings Results for the 13 Weeks and 26 Weeks Ended June 28, 2014; Provides Earnings Guidance for 2014; Announces Impairments for the 13 Weeks Ended June 30, 2014; Expects to Close Stores

Office Depot, Inc. announced unaudited consolidated earnings results for the 13 weeks and 26 weeks ended June 28, 2014. For the 13 weeks period, the company reported sales of $3,841 million against $2,419 million a year ago. Operating loss was $185 million against $45 million a year ago. Loss before income taxes was $197 million against $54 million a year ago. Net loss available to common stockholders was $190 million or $0.36 per basic and diluted share against $64 million or $0.23 per basic and diluted share a year ago. Adjusted (non-GAAP) operating income for the second quarter of 2014 was $18 million compared to a combined pro forma adjusted operating loss of $6 million in the second quarter of 2013. The adjusted (non-GAAP) net loss attributable to common stockholders for the second quarter of 2014 was $12 million, or $0.02 cents per share, compared to a combined pro forma adjusted net loss of $18 million, or $0.03 cents per share, in the second quarter of 2013. Adjusted operating income for the second quarter of 2014 excludes special charges and credits totaling $205 million, as well as $2 million in operating income from the Grupo OfficeMax joint venture (JV) which is pending sale. The special items were comprised of $92 million in merger-related expenses, an $80 million legal accrual, $22 million in non-cash store and website impairment charges, and $11 million in International restructuring charges. The adjusted net loss for the second quarter of 2014 includes the after-tax effect of the items noted above as well as a credit of $9 million in interest expense related to a tax settlement and $3 million of other charges. Adjusted sales were $3,782 million against $3,878 million a year ago. Capital expenditures were $27 million. For the 26 weeks period, the company reported sales of $8,194 million against $5,137 million a year ago. Operating loss was $263 million against $35 million a year ago. Loss before income taxes was $294 million against $55 million a year ago. Net loss available to common stockholders was $300 million or $0.56 per basic and diluted share against $81 million or $0.29 per basic and diluted share a year ago. Net cash used in operating activities was $162 million against $94 million a year ago. Capital expenditures were $66 million against $62 million a year ago. Adjusted sales were $8,067 million against $8,290 million a year ago. Adjusted operating income was $85 million against $45 million a year ago. Adjusted net income available to common stockholders was $25 million or $0.56 per basic and diluted share against loss of $1 million or $0.29 per basic and diluted share a year ago. The company continues to anticipate integration capital spending of approximately $200 million to $250 million during the 2014 through 2016 period. In 2014, the company expects capital spending to be approximately $150 million, excluding up to an additional $50 million in integration capital expenditures. Depreciation and amortization is expected to be approximately $300 million in 2014. The company also updated its full year 2014 guidance for adjusted operating income to be not less than $200 million, an increase from its prior guidance of not less than $160 million. For the remainder of 2014, Office Depot continues to expect that market trends will remain challenging across the company's product lines and distribution channels, and therefore continues to anticipate total company sales in 2014 will be lower than 2013 combined pro forma sales. The company expects free cash flow to be negative in 2014 as it continue to incur significant merger integration expenses in the short term that will lead to a more profitable and efficient organization over the long term. The company expects depreciation and amortization of approximately $300 million. For the 13 weeks ended June 30, 2014, the company has announced asset impairments of $22 million. After completing its store optimization analysis, the company continues to expect to close at least 400 locations in the U.S. by the end of 2016, with approximately 165 stores closing in 2014.

Office Depot, Inc. Appoints Mark Cosby as President, North America

Office Depot, Inc. announced the appointment of Mark Cosby as president, North America. Cosby will be a member of Office Depot's Executive Committee and Leadership Team and report to Roland Smith, chairman and CEO of Office Depot, Inc. Cosby's role includes oversight of the company's retail, contract sales, e-commerce, merchandising, marketing, real estate and supply chain functions in North America. Cosby joined Office Depot, Inc. following a successful 30 year career at a number of leading retail chains. Most recently, he was president, pharmacy at CVS Caremark Corporation.

Office Depot, Inc. to Report Q2, 2014 Results on Aug 05, 2014

Office Depot, Inc. announced that they will report Q2, 2014 results at 10:00 AM, GMT Standard Time on Aug 05, 2014

Office Depot, Inc., Q2 2014 Earnings Call, Aug 05, 2014

Office Depot, Inc., Q2 2014 Earnings Call, Aug 05, 2014

Office Depot Recalls Gibson Leather Task Chairs Due to Fall Hazard

Consumers should stop using this product unless otherwise instructed. It is illegal to resell or attempt to resell a recalled consumer product. Name of Product: Office Depot(R) Gibson Leather Task Chairs; Hazard: The mounting plate weld can break and separate the seat from the base of the chair, posing a fall hazard to consumers. Remedy: Refund.

 

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