— Office Depot Inc. (NASDAQ: ODP) reported its third-quarter 2019 adjusted earnings from continuing operations of $0.15 per share versus $0.13 per share expected.
— Sales declined by 4% to $2.78 billion versus $2.83 billion expected. This was a result of lower sales in the Retail division, primarily due to lower same-store sales combined with fewer retail stores, and lower sales in the CompuCom and BSD divisions.
— On a same-store comparable basis, service revenue increased by about 10% in the Retail division. On a consolidated basis, service revenue represented about 15% of total company sales in the third quarter of 2019.
— During the second quarter of 2019, the company closed 3 stores and ended the quarter with a total of 1,317 stores in the Retail Division.
— Looking ahead into the full year 2019, the company reaffirmed its sales outlook in the range of $10.8 billion to $10.9 billion.
— Adjusted operating income is still predicted to be $325 million to $350 million and adjusted EBITDA is still projected to be $525 million to $550 million for the full year.
— Office Depot said its board has approved a feasibility review of the implementation of a holding company reorganization, which is expected to be completed by the end of the first quarter of 2020.
— The reorganization is expected to create a new holding company, The ODP Corporation, that will become the new parent company and will replace Office Depot as the public company trading under current “ODP” ticker.
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