Office Depot Inc. (NASDAQ:ODP) swung to a loss in the first quarter, missing analysts’ forecast. Office Depot, Inc is a global supplier of office products and services under the Office Depot brand and other proprietary brand names.
Office Depot Earnings Cheat Sheet for the First Quarter
Results: Swung to a loss of $5.4 million (5 cents/diluted share) in the quarter. The specialty retail company had net income of $29.5 million or 7 cents per share in the year earlier quarter.
Revenue: Fell 3.2% to $2.97 billion YoY.
Actual vs. Wall St. Expectations: ODP fell short of the mean analyst estimate of 2 cents/share.
Quoting Management: “Our first quarter operating results were lower than the prior year due to the impact of lower sales,” said Neil Austrian, Office Depot’s Interim Chairman and Chief Executive Officer. “However, we are encouraged by the progress we’re making throughout the enterprise to improve the future operating performance of the Company.”
Key Stats: Over the last five quarters, revenue has fallen an average of 4% year over year. The biggest drop came in the first quarter of the last fiscal year, when revenue fell 4.8% from the year earlier quarter.
Today’s Performance: Shares of ODP are trading at $4.28 as of April 26, 2011 at 10:13 AM ET, up over 3% from the previous close.