| 02/23/2010 |
OFFICE DEPOT QUARTERLY NUMBERS |
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(Reuters) - Office Depot Inc (ODP.N) reported a narrower-than-expected quarterly loss on Tuesday as sales declined less than anticipated.
The No. 2 U.S. office supplies retailer said consumers and small business owners are still holding back on spending, particularly on bigger-ticket items such as furniture.
Office Depot lost $61.5 million, or 28 cents per share, in the fourth quarter ended on Dec. 26, narrower than a loss of $1.54 billion, or $5.64, a year earlier.
Adjusted for restructuring charges, the company posted a loss of 6 cents per share. On that basis, analysts had expected a loss of 22 cents per share, according to Thomson Reuters I/B/E/S.
Sales fell 6.3 percent to $3.07 billion, topping analysts' expectations of $2.97 billion.
Sales at stores open at least a year in the United States and Canada fell 4 percent.
Office Depot has closed underperforming stores, which helped improve operating profit in the North American retail division. In total, store and warehouse operating and selling expenses fell 11.5 percent in the quarter and 12.5 percent for the year.
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