— Office Depot Inc. (NASDAQ: ODP) reported adjusted earnings from continuing operations of $0.12 per share for the fourth quarter, vs. breakeven expected.
— Net income from continuing operations, on an unadjusted basis, was $55 million or $0.10 per share, compared to a loss of $14 million or $0.02 per share last year
— Net sales declined 6% annually to $2.51 billion during the three-month period, vs. $2.62 billion expected.
— The top-line was impacted by lower sales at all the three business segments – Retail Division, CompuCom Division, and Business Solutions Division. Both product sales and service revenue dropped 6%
— Fourth-quarter adjusted EBITDA increased to $156 million from $138 million in the prior-year period
— Office Depot repurchased about 11 million shares for $29 million in the fourth quarter
— Expects full-year 2020 sales to be around $10.5 billion. Looking for adjusted EBITDA of about $550 billion
— Expects adjusted operating income to be approximately $350 million in 2020, and free cash flow to be about $300 million
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