Office Depot Earnings Drop for Q4, Year

Share this content:
Office Depot Inc., Delray Beach, FL, announced a drop in net earnings for its fourth quarter and year-end results for the fiscal periods ended Dec. 27.


Net earnings in the quarter totaled $45.8 million compared with the prior year's $62.88 million. Included in net income were charges of $32.4 million in the quarter to adjust lease-termination costs related to stores closed in prior periods, and to account for the sale or write-down of certain Internet investments, the company said.


Net earnings last year were $276.3 million compared with $310.71 million in 2002.


Sales in the fourth quarter were $3.25 billion, up from $2.84 billion in fourth-quarter 2002. Worldwide comparable sales in the 912 stores and 37 delivery centers that have been open for more than a year fell 2 percent in the quarter while worldwide e-commerce sales grew 31 percent.


Sales for fiscal 2003 grew to $12.36 billion from $11.36 billion in fiscal 2002. Worldwide comparable sales dropped 2 percent for the year while worldwide e-commerce sales were up 25 percent to $2.6 billion for fiscal 2003.


The International Division produced sales of $895.3 million in the fourth quarter compared with $449.7 million in the prior-year period while annual sales were $2.75 billion, up from $1.64 billion for 2002.


Sales in the North American Business Services Group increased in the quarter from 2002's $963.6 million to $966.8 million, and they rose from $3.91 billion to $3.97 billion for the year. Domestic e-commerce sales increased 11 percent in the quarter and 15 percent for the year.


North American retail sales dropped in the fourth quarter from last year's $1.43 billion to $1.39 billion, and from $5.8 billion to $5.65 billion in the year. Comparable-store sales in the 870 stores in North America that have been open for more than a year fell 4 percent in both the fourth quarter and full year.


Loading links....

Sign up to our newsletters

Company of the Week

Since 1985, Melissa Data has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa Data offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here