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.

Sign up to our newsletters

Company of the Week

USAData helps businesses find new customers and grow their current customers through a combination of data and digital marketing services, and easy-to-use SaaS technology products. We enrich customer data so businesses can more effectively target and communicate with customers, and connect them with their best look-alike prospects through digital and traditional channels. We make it easy through simple, self-serve applications and APIs, as well as through full-service programs managed by our Data and Digital experts. 

Find out more here »

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

Relive the 2017 Marketing Hall of Femme

Click the image above