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Office Depot Profit Doubles

Fourth-quarter revenue rises 7%.
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Office Depot

(ODP) - Get ODP Corporation Report

said its fourth-quarter earnings doubled and total sales rose 7% from the same period a year ago.

The office-supplies seller had revenue of $3.72 billion, up from $3.47 billion last year. Excluding the effect of an extra week in the 2005 fiscal quarter, sales increased 2%.

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Office Depot earned $106 million and 34 cents a share, compared with $52 million, or 17 cents a share, in the previous year. Charges cut the most recent quarter's earnings by 9 cents a share and the year-ago quarter by 12 cents. Office Depot said before the charges and excluding the extra week, it would have earned 38 cents in the latest quarter.

Analysts were forecasting earnings of 32 cents and revenue of $3.59 billion. Same-store sales in Office Depot's 945 locations in the U.S. and Canada increased 5% in the fourth quarter.

Separately, the company said it has acquired a controlling interest in Best Office, a South Korean office-supplies seller. Best Office operates a network of more than 70 stores and has annual revenue exceeding $44 million. Financial terms weren't disclosed.