Office Depot Reports Mixed Q4 Earnings

Office Depot ODP reported fourth-quarter earnings of 12 cents per share on Wednesday. This is a 33.33% increase over earnings of 9 cents per share from the same period last year.

The company reported quarterly sales of $2.5 billion, which missed the analyst consensus estimate of $2.62 billion by 4.58%. This is a 6.37% decrease over sales of $2.67 billion the same period last year.

Office Depot sees fiscal year 2020 sales ~$10.5 billion versus the $10.46 billion estimate.

"Our business acceleration program continued to exceed expectations, streamlining our operations and positioning us to invest in additional growth opportunities in the coming year,” said Gerry Smith, CEO of Office Depot. “Profit margins were up in all three divisions in the quarter, driving a 10% increase in adjusted operating income in the fourth quarter, and a 2% increase for the year. As a B2B-focused company, we strengthened our platform and built a more robust pipeline for profitable growth in our business solutions and CompuCom divisions."

Office Depot shares were up 6% at $2.51 in Wednesday's after-hours session. The stock has a 52-week range between $3,82 and $1.23.