Office Depot, Inc. (NYSE: ODP), a leading global provider of office supplies and services, today announced results for the fiscal quarter ended June 29, 2013.
SECOND QUARTER RESULTS 1
Total Company sales for the second quarter of 2013 were $2.4 billion, down 4% compared to the second quarter of 2012 in both U.S. dollars and in constant currency. The shift in the timing of the Easter holiday had a small positive impact on sales that was offset by country exits in the International Division in late 2012 and in first quarter 2013.
The Company reported a net loss, after preferred stock dividends, of $64 million or $0.23 per share in the second quarter of 2013, compared to the same net loss, after preferred stock dividends, of $64 million or $0.23 per share in the second quarter of 2012.
- Second quarter 2013 results included $30 million of pre-tax charges, comprised primarily of merger and certain shareholder-related expenses, restructuring activities, and $4 million related to non-cash store asset impairment charges in the North American Retail Division. Excluding these charges, the net loss, after preferred stock dividends, would have been $28 million or $0.10 per share.
- The prior year results included $33 million of pre-tax charges, including $24 million in non-cash store asset impairment charges and $9 million in restructuring costs. Additionally, there was a $16 million income tax credit in the quarter. Excluding the charges and the tax credit, the second quarter 2012 net loss, after preferred stock dividends, would have been $40 million or $0.14 per share.
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