Office Depot Announces Fourth Quarter And Full Year 2012 Results

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

FOURTH QUARTER RESULTS ¹

Total Company sales for the fourth quarter of 2012 were approximately $2.6 billion, down 12% compared to the fourth quarter of 2011. Sales for the fourth quarter of 2012, on a constant currency basis, were down approximately 11% versus prior year. The 53 ^rd week added approximately $140 million of sales in the fourth quarter of 2011. Excluding the benefit of the additional selling week in 2011, fourth quarter of 2012 constant currency sales would have been down 7%.

The Company reported a net loss, after preferred stock dividends, of $17 million or $0.06 per diluted share in the fourth quarter of 2012, compared to net earnings, after preferred stock dividends, of $12 million or $0.04 per share in the fourth quarter of 2011.

• Fourth quarter of 2012 results included approximately $12 million of pre-tax charges primarily related to restructuring activities and actions to improve future operating performance, and approximately $9 million related to non-cash asset impairment charges in the North American Retail Division.
• Excluding the restructuring and impairment charges (after tax), fourth quarter of 2012 net earnings, after preferred stock dividends, would have been approximately $1 million or zero cents per share.
• Fourth quarter of 2011 results included approximately $23 million of pre-tax charges primarily related to restructuring activities and actions to improve future operating performance. Fourth quarter of 2011 results also included a $24 million tax benefit related to the reversal of an uncertain tax position accrual and the release of a valuation allowance. Excluding charges and tax benefits, net earnings, after preferred stock dividends, would have been $8 million or $0.03 per share in the fourth quarter of 2011.

“We delivered the financial results we had projected for the fourth quarter of 2012,” said Neil Austrian, Chairman and Chief Executive Officer of Office Depot. “Despite continued revenue pressure in North American Retail and International, we successfully executed our key initiatives.”

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