Office Depot Earnings Drop for Q4, Year

Share this article:
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.


Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

Complexity's What Marketers Got, Simplicity's What They Want

Complexity's What Marketers Got, Simplicity's What They Want

Customer insights managers want campaign management tools to remain easy to use, even as they up their games with multi-layered campaigns.

Wine.com Uncorks New Digital Marketing Opportunities

Wine.com Uncorks New Digital Marketing Opportunities

The online wine retailer's strategy incorporates different flavors and depths.

93% of Companies Are Ineffective at Cross-Channel Marketing

93% of Companies Are Ineffective at Cross-Channel Marketing ...

Companies point to a lack of resources as the most common reason for lackluster marketing integration, a study says.