The retailer reported a loss of -2 cents a share for the second quarter, meeting analysts' expectations. Revenue grew 57% year-over-year to $3.8 billion for the second quarter. Analysts surveyed by Thomson Reuters expected revenue of $3.81 billion for the quarter.
Office Depot said consolidated same-store sales fell -3% from the year-ago quarter.
"Based on accelerated synergies and improving execution, we have updated our full year 2014 outlook for adjusted operating income to be not less than $200 million, an increase from our prior outlook of not less than $160 million," CEO Roland Smith said in a statement.
TheStreet Ratings team rates OFFICE DEPOT INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate OFFICE DEPOT INC (ODP) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, good cash flow from operations and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and poor profit margins."