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Change Today -0.305 / -3.86%
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office depot inc (ODP) Key Developments

Santa Clara County to Get $3 Million in Settlement with Office Depot in Overcharges for Office Supplies

Santa Clara County is to receive $3 million as its share of a $68.5 million statewide settlement of a dispute with the chain Office Depot about alleged overcharges for office supplies. The county and 18 other plaintiffs in California reached the settlement agreement with the Office Depot in November in Los Angeles County Superior Court and are waiting for a judge to formally order the payment.

Office Depot, Inc. Wins Two Contracts

Office Depot, Inc. announced it has been awarded two contracts, valued in excess of $400 million, following a competitive solicitation process for both office and school supplies by Region 4 Education Service Center, the lead agency for The Cooperative Purchasing Network (TCPN). TCPN offers cooperative contract solutions to K-12 schools, local governments, colleges and universities. The new agreements with Office Depot include office and school supplies, furniture, technology products and copy and print services provided at significant discounts and savings to eligible public agency customers.

Office Depot, Inc. Plans to Open Store of the Future Concept

By 2015, Office Depot, Inc. expect to open a Store of the Future concept that includes a curated assortment of products and services and incorporates the successful components of these tests.

Office Depot, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 27, 2014; Revises Earnings Guidance for the Full Year of 2014; Provides Earnings Guidance for the Full Year of 2015; Announces Assets Impairments for the Third Quarter Ended September 27, 2014

Office Depot, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 27, 2014. For the quarter, the company reported sales of $4,069 million against $2,619 million a year ago, reflecting the inclusion of OfficeMax sales in 2014, and were 3% lower than combined pro forma sales of $4.2 billion in the third quarter of the prior year. Operating income was $49 million against operating loss of $52 million a year ago. Income before income taxes was $31 million against $315 million a year ago. Net income attributable to the company was $29 million or $0.05 basic and diluted per share against $161 million or $0.41 diluted per share a year ago. On non-GAAP, sales of $4,041 million, operating income of $126 million and net income attributable to common stockholders of $52 million or $0.10 per share against sales of $4,198 million, operating income of $62 million and net income attributable to common stockholders of $27 million or $0.05 per share a year ago. For the nine months, the company reported sales of $12,263 million against $7,756 million a year ago. Operating loss was $214 million against $88 million a year ago. Loss before income taxes was $262 million against income before income taxes of $261 million a year ago. Net loss attributable to the company was $270 million or $0.51 basic and diluted per share against net income attributable to the company of $52 million or $0.18 basic and diluted per share a year ago. Net cash provided by operating activities was $35 million against net cash used in operating activities of $120 million a year ago. Capital expenditures were $90 million against $94 million a year ago. On non-GAAP, sales of $12,108 million, operating income of $211 million and net income attributable to common stockholders of $77 million or $0.14 per share against sales of $12,488 million, operating income of $107 million and net income attributable to common stockholders of $26 million or $0.05 per share a year ago. For the remainder of 2014, the company continues to expect challenging market trends and the impact of store closures to negatively impact sales. Therefore, the company continues to anticipate total sales in 2014 will be lower than 2013 combined pro forma sales. The company expected the benefit from merger integration synergies and efficiencies to more than offset the flow-through impact of continued lower sales trends and a year-over-year increase in incentive compensation expense. The company now expects to generate adjusted operating income of $255-$265 million in 2014, compared with its prior outlook of not less than $200 million. In 2014, the company’s expects total capital spending to be approximately $150 million, including $25 million in integration capital expenditures. Depreciation and amortization is expected to be approximately $300 million in 2014. In fiscal 2015, the company’s preliminarily expects to generate approximately $475 million in adjusted operating income, driven largely by realization of incremental merger integration synergies. The company anticipates integration capital spending of approximately $200 million during the 2014 through 2016 period. For the quarter, the company reported asset impairments of $6 million against $49 million a year ago.

Office Depot to Close Stores

Office Depot is slowly slimming its presence across the U.S. as the company prepares to complete its 400 stores shutdown in the next few years. The move is expected to save the company $75 million a year by the end of 2016. Just one Office Depot location will be left in Polk County once two others close in November at 1046 N. Wilson Ave., Bartow and 800 Cypress Gardens Blvd., Winter Haven. Office Depot will close its stores in West Hartford, Conn. and Wethersfield, Conn. on Nov. 15. An OfficeMax at 255 Union St., Waterbury, Conn. will also close on Nov. 15. Bonita Springs' Office Depot at 27251 Bay Landing Drive will close on Nov. 15 and lay off 16 employees. The company's Office Depot in Roseburg, Ore. closes on Nov. 15 as well. Another store is closing in Moscow, Idaho on Nov. 15. An Office Max at 2301 O St., Lincoln, Neb. closes on Nov. 15.

 

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