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Office Depot Announces Third Quarter 2012 Results

Office Depot, Inc. (NYSE: ODP), a leading global provider of office supplies and services, today announced results for the fiscal quarter ended September 29, 2012.

THIRD QUARTER RESULTS 1

Total Company sales for the third quarter of 2012 were approximately $2.7 billion, down 5% compared to the third quarter of 2011. On a constant currency basis, third quarter 2012 sales were down approximately 3% versus prior year.

The Company reported a net loss, after preferred stock dividends, of $70 million or $0.25 per diluted share in the third quarter of 2012, compared to net earnings, after preferred stock dividends, of $92 million or $0.28 per share in the third quarter of 2011.

  • Third quarter 2012 results included approximately $8 million of charges primarily related to restructuring activities and actions to improve future operating performance, and approximately $88 million related to non-cash asset impairment charges with $73 million recognized in the North American Retail Division and $15 million recognized in the International Division.
  • Excluding the restructuring and impairment charges (after tax), third quarter 2012 net earnings, after preferred stock dividends, would have been approximately $18 million or $0.06 per share.
  • Third quarter 2011 results included approximately $6 million of charges primarily related to restructuring activities and other costs intended to improve efficiency and benefit operations in future periods, as well as a benefit from the reversal of approximately $99 million of combined tax and interest accruals for uncertain tax positions. Excluding these charges and the benefit from the reversal of accruals, the Company would have had a net loss, after preferred stock dividends, of about $700 thousand or zero cents per share in the third quarter of 2011.

1 Includes non-GAAP information. Third quarter 2011 and 2012 results include charges for restructuring actions and activities to improve future operating performance. Third quarter 2012 results also include non-cash asset impairment charges while third quarter 2011 results also include a benefit from the reversal of tax and interest accruals for uncertain tax positions. Additional information is provided in our Form 10-Q for the fiscal quarter ended September 29, 2012. Reconciliations from GAAP to non-GAAP financial measures can be found in this release, as well as in the Investor Relations section of our corporate web site, www.officedepot.com, under the category Financial Information.

“We are pleased that these results reflect successful execution against our strategic plan, even in this challenging economic environment,” said Neil Austrian, Chairman and Chief Executive Officer of Office Depot. “We have a great team that is committed to improving the performance of Office Depot now and into the future.”

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