Office Depot said Monday it expects third-quarter earnings of about $54 million, or 18 cents a share, vs. a year-earlier loss of $413 million, or $1.51. Sales, however, are expected to decrease about 4% to about $2.9 billion from $3 billion the previous year.
The company said the preliminary earnings included "significant" tax and interest expense benefits that positively impacted earnings by 15 cents a share in the quarter.
Analysts, on average, had been expecting Office Depot to post a loss of 2 cents a share on revenue of $2.95 billion.
Office Depot said its CEO Steve Odland is stepping down from the company effective Nov. 1. He will serve as a consultant to the company through Dec. 31 as it transitions to a new CEO.
Office Depot lead director Neil Austrian will serve as interim chairman and CEO.
Odland has been CEO of the company since 2005.
-- Written by Andrea Tse in New York.
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