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Office Depot Announces Third Quarter 2013 Results

Office Depot, Inc. (NYSE: ODP), a leading global provider of office supplies and services, today announced results for the fiscal quarter ended September 28, 2013.

THIRD QUARTER RESULTS 1

Total Company sales for the third quarter of 2013 were $2.6 billion, down 3% compared to the third quarter of 2012 in both U.S. dollars and in constant currency.

The Company reported net income, after preferred stock dividends, of $133 million or $0.41 per diluted share in the third quarter of 2013, compared to a net loss, after preferred stock dividends, of $70 million or $0.25 per share in the third quarter of 2012.
  • Third quarter 2013 results included a $381 million pre-tax gain on the sale of our investment in the Mexican joint venture (JV), as well as $138 million in income tax expense driven largely by the JV sale. The quarter also included a $22 million preferred stock redemption dividend, and approximately $93 million of pre-tax charges. The charges were comprised primarily of $44 million in goodwill impairment triggered by the JV sale, $40 million in merger and certain shareholder-related expenses, $4 million in restructuring activities, and $5 million in non-cash store impairment charges in the North American Retail Division. Excluding the items above, adjusted net income for the third quarter of 2013, after preferred stock dividends, was $5 million or $0.02 per share.
  • The prior year third quarter results included approximately $96 million of pre-tax charges, consisting of $88 million in asset impairment charges and $8 million in restructuring and other charges. Excluding these items, third quarter 2012 net income, after preferred stock dividends, was $18 million or $0.06 per share.

“Although we experienced some weakness in July, we had a relatively strong back-to-school season this year as evidenced by sales increases in our school supplies categories and K-12 education customers,” said Neil Austrian, Chairman and Chief Executive Officer of Office Depot. “I’m pleased that we were able to deliver these results while continuing to make progress with the integration planning for the pending merger with OfficeMax.”

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