office depot inc (ODP) Key Developments
Office Depot to Close OfficeMax Store at Kmart-Anchored Stadium Marketplace in Honolulu and Ward Village in Kakaako
Aug 25 15
Office Depot will close its OfficeMax store at the Kmart-anchored Stadium Marketplace in Honolulu by the end of next month as a part of a company initiative to trim costs and shutter hundreds of underperforming stores over several years. The company, which acquired OfficeMax in 2013, said it will officially close the OfficeMax store at 4561 Salt Lake Blvd., on Sept. 26, 2015 as a part of a nationwide initiative that began in mid-2014 to close at least 400 retail locations by the end of next year. The Office Depot location at Ward Village in Kakaako will close eventually to make way for Howard Hughes Corp.'s planned Aeo mixed-use, high-rise complex behind the Ward Entertainment Center, which will include 466 condominium units and Hawaii's Whole Foods Market. An exact closing date, however, has not been determined yet.
Office Depot to Accelerate Store Closures
Aug 5 15
Office Depot announced that it is accelerating its store-closure plan and expects to close about 175 stores in 2015 and at least 60 in 2016, for a total of at least 400 closures by the end of 2016.
Office Depot, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Year to Date Ended June 27, 2015; Provides Earnings Guidance for the Year 2015; Announces Asset Impairments for the Second Quarter Ended June 27, 2015
Aug 4 15
Office Depot, Inc. announced unaudited consolidated earnings results for the second quarter and year to date ended June 27, 2015. For the quarter, the company reported sales of $3,440 million against $3,841 million a year ago. Operating loss was $51 million against $185 million a year ago. Loss before income taxes was $67 million against $197 million a year ago. Net loss attributable to company was $58 million or $0.11 per basic and diluted share against $190 million or $0.36 per basic and diluted share a year ago. Adjusted operating income was $73 million against $18 million a year ago. Adjusted net income attributable to company was $32 million or $0.06 per share against loss of $12 million or $0.02 per share a year ago. In the second quarter of 2015, cash used in operating activities was $90 million, and included payments related to merger and acquisition expenses, legal settlements, and international restructuring expenses. Capital expenditures were $44 million in the second quarter of 2015, including $25 million related to merger integration.
For the year to date, the company reported sales of $7,317 million against $8,194 million a year ago. Operating income was $36 million against operating loss of $263 million a year ago. Income before income taxes was $2 million against loss before income taxes of $294 million a year ago. Net loss attributable to company was $13 million or $0.02 per basic and diluted share against $300 million or $0.56 per basic and diluted share a year ago. Net cash used in operating activities was $135 million against $162 million a year ago. Capital expenditures were $71 million against $66 million a year ago. Adjusted operating income was $208 million against $85 million a year ago. Adjusted net income attributable to company was $103 million or $0.19 per share against $25 million or $0.05 per share a year ago.
The company continues to expect total company sales in 2015 to be lower than 2014, primarily due to its decision to close certain stores, the negative impact of currency translation, business disruption from the announcement of the pending acquisition by Staples, and continued challenging market conditions in industry. In 2015, total company capital expenditures are expected to be approximately $200 million, and total company depreciation and amortization is expected to be approximately $300 million.
For the second quarter ended June 27, 2015, the company has announced asset impairments of $4 million.
Office Depot Unveils New Line of Organization Products for Home or Office
Jul 23 15
Office Depot, Inc. has announced the launch of Perch by Urbio, a new line of organization products for the home or office, available in both Office Depot and OfficeMax retail locations and online. Urbio began as a design company that creates unique wall-mounted, customized organization solutions for small, cluttered spaces. The products are meant for any space in both the home and office and to promote a creative and personalized atmosphere. Perch, Urbio's newest product line, exclusive to Office Depot and OfficeMax of the office supply super stores, offers modular, magnetic containers and a mountable wall plate that uses 3M Command strip technology for damage-free hanging, ideal for dorm room organization.
Office Depot, Inc. Announces New Microsoft Surface 3 and Surface Pro 3 Tablets
Jul 21 15
Office Depot, Inc. announced that the new Microsoft Surface 3 and Surface Pro 3 tablets are now available for purchase online at officedepot.com. Surface 3, available at $499, features the same beautiful design and premium materials as the Surface Pro 3 in a more compact and efficient device. The thin and lightweight design offers a 10.8-inch screen, and with a simple snap or click, transform the device from a perfectly balanced tablet to a full-functioning laptop and back again. Powerful, yet efficient, the Surface 3 is the most mobile of the Surface family that strikes a balance of performance and value that will appeal to everyone from students to families to business professionals. The new device features 10 hours of battery life and a Micro USB charger, allowing it to use the same connector as most smartphones. Surface Pro 3, starting at $999, is the tablet that can replace a laptop. Ideal for business professionals and people on-the-go, Surface Pro 3 offers a 12-inch ClearType Full HD color-calibrated display, continuous kickstand, improvements to processing power and upgraded cameras. At only 1.76 lbs with an Intel® Core™ i5 processor and 4GB RAM, the device is light yet powerful. The Surface Pen looks and feels like a fountain pen, intended for a smooth and precise writing experience. One click opens a fresh OneNote page, allowing people to capture notes, ideas and inspirations instantaneously.