Office Depot, Inc. Announces Second Quarter 2017 Results

Office Depot, Inc. (“Office Depot,” or the “company”) (NASDAQ: ODP), a leading provider of office supplies, business products and services delivered through an omnichannel platform, today announced results for the second quarter ended July 1, 2017.

“We continue to build our capabilities across the organization as we focus on driving the omnichannel growth opportunities we have identified in the North American market,” said Gerry Smith, chief executive officer of Office Depot. “I’m pleased that we have delivered year to date adjusted operating income that is ahead of the prior year and we remain on track to achieve our full year target. Longer term, we are maintaining our focus on executing initiatives to strengthen our existing business, expanding our last-mile advantage, while evaluating opportunities to transform the company for future growth.”

Reported (GAAP) Results
Total reported sales for the second quarter of 2017 were $2.4 billion compared to $2.6 billion in the second quarter of 2016, a decrease of 9%.

In the second quarter of 2017, Office Depot reported operating income of $46 million and net income of $24 million, or $0.05 per share. Net income from continuing operations was $21 million, or $0.04 per share.

In the second quarter of 2016, the company reported operating income of $271 million and net income of $210 million, or $0.38 per share. Net income from continuing operations was $232 million, or $0.41 per diluted share. Results in the second quarter of 2016 benefited from $250 million of income related to the Staples termination fee received in the period.

For the first half of 2017, Office Depot reported operating income of $173 million compared to an operating income of $356 million in the first half of 2016. Net income from continuing operations for the first half of 2017 was $95 million, or $0.18 per share, compared to net income from continuing operations of $294 million, or $0.53 per share, in the first half of 2016.
more detail at:  http://investor.officedepot.com/phoenix.zhtml?c=94746&p=irol-newsArticle&ID=2292879

Related Posts

Carpenter Buys ‘The Portland Tribune’ And Other Oregon Publications (mediapost.com)

Carpenter Media Group, a publisher based in Mississippi, is continuing its acquisition kick, buying Pamplin Communications, owner of The Portland Tribune and 23 other publications in Oregon, according to Willamette Week. Robert Pamplin Jr. founded the company and the Portland Tribune. Pamplin cited age and health as his reasons for selling. Carpenter recently acquired Black Press Media, publisher of multiple newspapers in the Pacific Northwest. In May, it purchased 10 Southern newspapers and a Georgia printing facility from Community Newspaper Holdings Inc. (CNHI). The company reportedly owned 160 publications.

Barnes & Noble Donates 1 Million Dollars in Books to First Book for Areas Affected by Hurricanes Harvey and Irma

Barnes & Noble, Inc. announced a $1 million book donation to First Book for areas affected by hurricanes Harvey and Irma. The donation features thousands of children’s books for a variety of ages including chapter books, board books, picture books, and coloring books, and will be delivered by First Book to schools and local charities in both Texas and Florida. The donation underscores Barnes & Noble’s support of First Book, a nonprofit social enterprise that has distributed more than 170 million books and resources to kids in need – including a focused effort providing books to children affected by natural disasters. Click Read More below for additional detail.

JCPenney Signs Asset Purchase Agreement with Brookfield, Simon and First Lien Lenders, Charting Course for the Future

J. C. Penney Company, Inc. announced that it has entered into an asset purchase agreement with Brookfield Asset Management, Inc, Simon Property Group and a majority of the Company’s DIP and First Lien Lenders. Key terms of the APA are as follows: *Brookfield and Simon will acquire substantially all of JCPenney’s retail and operating assets (“OpCo”) through a combination of cash and new term loan debt. *The formation of separate property holding companies (“PropCos”), comprising 160 of the Company’s real estate assets and all of its owned distribution centers, which will be owned by the Company’s DIP and First Lien Lenders. *The OpCo and PropCos will enter into master leases with respect to the properties and distribution centers moved into the PropCos (the “Master Lease Agreement”). JCPenney, Simon and Brookfield, and the Majority Lender Group have reached agreement on all outstanding business points in the Master Lease Agreement.
Back To Top
×Close search
Search