NEW YORK (TheStreet) -- Office Depot (ODP) announced that along with its OfficeMax unit, it will be expanding its Black Friday sale offers to Thanksgiving Day at 6 p.m. for in store purchases and at 12:01 a.m that Thursday for online purchases.
Office Depot shares have been falling since before the company announced its Black Friday strategy today and are down 0.7% to $6.79 in trading on Thursday.
The struggling office supplies retailer last released its earnings results on November 4, reporting earnings of $52 million, or 10 cents per diluted share, 1 cent better than analysts were expecting for the period, on revenue of $4.1 billion that was in line with expectations.
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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 deteriorating net income, disappointing return on equity and poor profit margins."