This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Office Depot, Inc. Announces Fourth Quarter And Full Year 2013 Results

Office Depot, Inc. (NYSE: ODP), a leading global provider of  office products, services, and solutions formed by the merger of Office Depot and OfficeMax Incorporated (“OfficeMax”), today announced results for the fourth quarter and full year ended December 28, 2013.

Merger Integration and Organizational Update

On November 5, 2013, Office Depot completed its merger transaction with OfficeMax. Since that date, the company has been aggressively executing its integration plan. Roland Smith, Chairman and CEO of Office Depot, noted, “We have taken decisive steps and made substantial progress toward executing our integration strategy. With our leadership team now in place, we have moved quickly to establish a lean organizational structure with the best talent from across the legacy businesses as well as adding new external leadership. We expect to complete a comprehensive reorganization of the company by the end of February 2014.” Smith continued, “Based on the team’s efforts since merger close, we have validated and increased the expected total annual run-rate of previously quantified cost synergies to be more than $600 million by the end of 2016.”

Smith added, “As we look forward in 2014, our company is focused on a number of key priorities, which include creating a lean organization with clear roles and accountabilities, delivering our 2014 operating plan, generating targeted synergies and efficiencies, and defining our vision, mission, and long-term global growth strategy. Our management team will be focused on improving profitability and return on invested capital. For 2014, we are committed to delivering not less than $140 million of adjusted operating income.”

Consolidated Results

The company’s fourth quarter and full year 2013 results include OfficeMax’s operations from the date of the merger through December 28, 2013 (the “stub period”), which generated $939 million of sales.

Reported (GAAP) Results

Total sales for the fourth quarter of 2013 increased 33% to $3.5 billion compared to the fourth quarter of 2012. Sales were $11.2 billion in the full year 2013, an increase of 5% compared to the prior year.

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs