Categories Earnings, Retail

Office Depot (NASDAQ: ODP): Q3 2019 Earnings Snapshot

— 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.

Office Depot (ODP) Q3 2019 Earnings Review

— 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.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

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