Altman Z-Score, Current: 2.84
Altman Z-Score 2009: 2.56
Office Depot (ODP) is on a steady climb back to stability, with a Z-Score of 2.84, higher than its 2.56 at the end of 2009.Last week, the office supply retailer was upgraded by Moody's Investor Services, which cited its strong cash position. "The large cash balance, resulting from reductions in expenses and inventory, as well as the excess proceeds from the 2009 convertible debt offering, provides support," Moody's senior analyst Charlie O'Shea said in a statement. Still, Moody's said Office Depot faces some challenges, as sales remain sluggish and it faces weak credit metrics. In April, Office Depot reported first-quarter results that missed Wall Street expectations and forecast a loss in the second quarter. But the company does predict growth in international profit in 2010.
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