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10 Retail Stock Losers of 2011: Which Will Recover in 2012?

6. Office Depot

This is the second year that Office Depot (ODP - Get Report) is one of the biggest retail decliners. In 2010, the office supply retailer lost about 16% of its value. This year, the stock took an even bigger hit, tanking 59% during the year.

But analysts believe the company is showing signs of a turnaround.

During the third quarter, earnings more than doubled, but its adjusted profit still fell short of consensus estimates, as revenue slipped.

"Office Depot's third-quarter results show that the company is making meaningful internal strides despite the external environment offering no help," Credit Suisse analyst Gary Balter wrote in a note. "Office Depot is benefiting from the process improvements that have been underway for the past several quarters... In addition, under Neil Austrian's leadership, a rigorous re-examination of each business segment seems to be driving positive change on top of ongoing initiatives."

Austrian assumed the position of chief executive this year after former CEO Steve Odland resigned in October 2010.

While its weak top-line is holding back margin expansion, Office Depot is doing well with the elements in its control.
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