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Office Depot Reports Lower Sales, Net Loss

Boca Raton, Fla. – Office Depot reported lower net sales and a net loss in its fiscal third quarter, ended Sept. 29. 11/06/2012 10:28:00 AM Eastern

Boca Raton, Fla. – Office Depot reported lower net sales and a net loss in its fiscal third quarter, ended Sept. 29.

Sales were down 5 percent year on year to $2.7 billion. The net loss was $70 million, compared with net earnings of $92 million in the prior year’s third quarter.

In its North American retail division, third quarter sales were $1.2 billion, a decrease of 5 percent compared with the prior year.

Comparable store sales in the 1,090 stores that have been open for more than one year, and aligned to match the same selling weeks, decreased 4 percent during the quarter. Sales of computers and their related products were down significantly in the third quarter vs. the prior year, while sales of tablets and e-readers increased.

Copy and print sales increased while office furniture declined. Sales in the supplies category were flat, while ink and toner sales increased slightly. Average order value was slightly negative in the third quarter and customer transaction counts declined approximately 4 percent compared with the same period last year, the chain said.

The division reported an operating loss of $21 million in the third quarter of 2012, compared with operating profit of $42 million in the same period last year. At the end of the third quarter of 2012, Office Depot operated 1,114 stores in the U.S. and Puerto Rico. The division opened one new store and closed four during the third quarter of 2012.

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