Office Depot's annual sales decline
Office Depot's annual sales declined 1% to $11.49 billion compared with last year, the company reported on Feb. 28.The office supplies retailer reported a net earnings increase of 307.1% to $95.7 million compared with last year, when the company reported a loss of $46.2 million. Operating expenses for 2011 were flat at $3.39 billion compared to last year.
Office Depot's sales for the fourth quarter of 2011 remained flat at $3 billion compared with the fourth quarter of 2010. The office supplies retailer reported a net earnings increase of 120.2% to $20 million compared with Q4 2010, when the company reported a loss of $99.9 million. Operating expenses decreased 3.5% to $34 million in the fourth quarter of 2011.
Office Depot's North American Retail Division's full-year sales decreased 1.9% to $4.87 billion compared with 2010. Full-year operating profit for the division increased 5.7% to $134.8 million compared to 2010.
On an earnings call, Kevin Peters, president of Office Depot's North American Retail Division, said that the strong performance in North America was due, in part to “a more disciplined approach to promotions and monitoring their effectiveness.”
Full year sales for the International Division, however, decreased slightly to $3.36 billion compared with 2010. The division posted an operating profit of $92.9 million, a 16.2% decrease compared with last year.
“The results were encouraging despite slow economic recovery in the U.S. and increased economic pressures in Europe,” said Neil Austrian, Office Depot's CEO.