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Office Depot Has Record Quarter

10/17/2006 10:26:00 AM Eastern

Delray Beach, Fla. — Office Depot announced its third quarter results with total sales growing 10 percent over the same period last year to a record-setting $3.9 billion.

Net earnings for the quarter ended Sept. 30 hit $133 million compared to a net loss of $48 million for the same period last year.

In North America sales grew by 10 percent and comparable store sales increased three percent for the quarter.

With 1,121 stores in the U.S. and Canada, Office Depot said it was able to increase margins by offering private-label brands across many categories. The chain also focused on remodeling and store expansion, remodeling 64 stores during the quarter and 113 stores year-to-date; while opening 50 new stores for the quarter or 76 year-to-date.

Office Depot plans to open 150 new stores in 2007 and 200 new stores in 2008.

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