Office Depot's Q3 sales decline, profit increases

Share this content:

Office Depot's sales for the third quarter of 2011 decreased 2% to $2.8 billion compared with the third quarter of 2010, the company reported on Oct. 25.

Despite the poor sales figures, the office supplies retailer reported a net earnings increase of 187.5% to $92 million compared with Q3 2010. Operating expenses increased 1.8% to $835.9 million in the third quarter of 2011.

Office Depot's North American Retail Division's Q3 2011 sales decreased 4% to $1.2 billion compared with 2010. Comparable store sales decreased 2% during the quarter. The division reported an operating profit increase of 2% to $42 million in the third quarter of 2011, compared with the same period in 2010.

The North American Business Solutions Division's Q3 sales decreased 2% to $821 million compared with the third quarter of 2010. Operating profit for the division increased 56% to $39 million compared with the same period in the prior year.

Third quarter 2011 sales for the International Division, however, increased by 1% to $783 million compared with the third quarter of 2010. Third quarter 2011 operating profit decreased 36.6% to $19 million.

“I'm pleased with the traction we're getting in our North American businesses despite a lackluster U.S. economy,” Neil Austrian, Office Depot's chairman and CEO, said in a statement.

In a major restructuring that occurred in July, Office Depot named Bob Moore its EVP and CMO and appointed Kevin Peters president of North America, a new position. The retailer also combined its North American retail and business solutions divisions and split the role of EVP of e-commerce and direct marketing into two roles.

The retailer terminated Charles Brown, president of the company's international division, for having an "improper relationship" with an associate in September.


Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Brightcove is the world's leading video platform. The most innovative and respected brands confidently rely on Brightcove to solve their most demanding communication challenges because of the unmatched performance and flexibility of our platform, our global scale and reliability, and our award-winning service. With thousands of customers and an industry-leading suite of cloud video products, Brightcove enables customers to drive compelling business results.

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