Office Depot shares up 6.2% in Wednesday trading
Office Depot shares up 6.2% in Wednesday trading
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Office Depot shares up 6.2% in Wednesday trading
Office Depot Inc. (ODP) on Wednesday reported a 65% drop in first-quarter profit, and said that though the results were below the previous-year period, they exceeded expectations, leading it to raise its outlook.
Shares of Office Depot Inc. edged up 0.3% in premarket trade Wednesday, after the office supplies retailer beat fourth-quarter profit expectations but came up shy on sales. The company swung to a net loss of $52 million, or 10 cents a share, from a profit of $80 million, or 15 cents a share, in the same period a year ago. The results included a loss of $48 million from recent tax legislation. Excluding non-recurring items, adjusted earnings per share came to 8 cents, above the FactSet consensus of 7 cents. Revenue fell to $2.58 billion from $2.73 billion, just shy of the FactSet consensus of $2.61 billion. Retail division sales fell 15% to $1.16 billion, while same-store sales declined 4%. Looking ahead, in which the company expects lower store volume, adjusted EPS is expected to be about 30 cents, below the FactSet consensus of 51 cents, and revenue is projected to be about $10.6 billion, which is below expectations of $10.8 billion. Thes tock has lost 11.3% over the past three months, while the SPDR S&P Retail ETF has gained 5.4% and the S&P 500 has tacked on 4.5%.
Office Depot's stock up 3.5% premarket after Q4 results
Office Depot sees 2018 adj. EPS 30 cents; FactSet consensus 51 cents
Office Depot sees lower store volume for 2018
Office Depot Q4 retail division same-store sales down 4%
Office Depot Q4 revenue $2.58 bln vs. $2.73 bln a year ago; FactSet consensus $2.61 bln
Office Depot Q4 adj. EPS 8 cents; FactSet consensus 7 cents
Office Depot Q4 per-share loss 10 cents vs. EPS 15 cents a year ago
Citigroup’s Ed Morse doesn’t expect the high prices to last over the next 12 months.
Among the companies with shares expected to trade actively in Wednesday's session are Walmart, Facebook, Walt Disney, Electronic Arts and ConocoPhillips.
AT&T CEO Randall Stephenson and Time Warner CEO Jeff Bewkes will take the witness stand this week to defend their proposed $85 billion merger, a key moment in a high-stakes court battle with U.S. antitrust enforcers.
The market is not crediting Office Depot for any of the transformation efforts the company is making.
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A brawl over store-promotion money between Newell Brands, the maker of Sharpie markers, and Office Depot contributed to a $50 million drop in Newell’s quarterly sales—but the CEO says he has no regrets.
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After Office Depot's (ODP) 1Q18 earnings announcement on May 9, 57% of the seven analysts covering the stock have rated it a “hold.”
Office Depot (ODP) stock rose 6.5% on May 10 after the company reported its 1Q18 results on May 9.
In fiscal 2018, Office Depot expects to report consolidated sales of $10.8 billion compared to $10.6 billion projected earlier.
Office Depot’s (ODP) gross margin contracted ~160 bps (basis points) to 23.6% since the cost of goods sold increased more than 8%.
Office Depot Inc. 2018 Q1 - Results - Earnings Call Slides
Office Depot's (ODP) CEO Gerry Smith on Q1 2018 Results - Earnings Call Transcript
Favorable results and strategic initiatives, including strengthening of core businesses and expansion of service and subscription offerings, prompted Office Depot (ODP) to provide an encouraging outlook.
After Office Depot released its first-quarter earnings report before the markets opened, its shares rallied on Wednesday.
After Office Depot (ODP) announced its 1Q18 results today, its stock had risen 4.2% as of 8:00 AM ET (Eastern Time).
Premarket Gainers as of 9:05 am (05/09/2018)
In 1Q18, analysts expect Office Depot's (ODP) adjusted EPS (earnings per share) to fall 50% YoY (year-over-year) to $0.08 from $0.16, and its adjusted net income to fall YoY to $43.3 million from $88.0 million.
Aristotle Fund Lp Buys JC Penney Co Inc, Sally Beauty Holdings Inc, Office Depot Inc, Sells McKesson Corp, Premier Inc
Office Depot (ODP) is scheduled to report its 1Q18 results on May 9.
Office Depot (ODP) has undertaken a strategic review of business operating model, growth prospects and cost structure.
As of May 3, Office Depot (ODP) stock had fallen 35.9% YTD (year-to-date).
Ahead of Office Depot's (ODP) 1Q18 release, set for May 9, most analysts covering the stock have recommended “hold.”
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Office Depot, Inc. engages in the provision of office products, services, supplies, and technology solutions. It operates through the following segments: Retail, Business Solutions, and CompuCom. The Retail segment involves in selling merchandise through chain of office supply stores and offers products and services in the categories of supplies, technology, and furniture and other. The Business Solutions segment trades branded and private branded products and services and provides copy and print services. The CompuCom segment comprises procurement, installation, and managing the life cycle of hardware and software businesses; and offers information technology (IT) support services including remote help desk, data centers, and on-site IT professionals. The company was founded by Stephen Dougherty and Jack Kopkin in March 1986 and is headquartered in Boca Raton, FL. (See Full Profile)
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