Office Depot Inc. (NASDAQ:ODP) reported its results for the second quarter. 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 Second Quarter
Results: Loss widened to $20.1 million (11 cents per diluted share) from $15.9 million (loss of 9 cents per share) in the same quarter a year earlier.
Revenue: Rose 0.4% to $2.71 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: ODP beat the mean analyst estimate of a loss of 12 cents per share. Analysts were expecting revenue of $2.73 billion.
Quoting Management: “Our second quarter 2011 operating results improved versus the prior year due to the successful execution of our key initiatives throughout the Company,” said Neil Austrian, Office Depot’s Chairman and Chief Executive Officer. “We are pleased with the progress across the enterprise and our associates will continue to direct their efforts toward achieving our goals.”
A year-over-year revenue increase last quarter snaps a streak of four consecutive quarters of revenue declines. The worst quarter in that span was the second quarter of the last fiscal year, which saw a 4.4% decrease.
Margins rose in the first quarter after falling the quarter before. Gross margin rose 0.9 percentage point to 29.3% from the quarter earlier quarter. In the fourth quarter of the last fiscal year, the figure rose 0.2 percentage point to 29.5% from the year earlier quarter.
Competitors to Watch: Staples, Inc. (NASDAQ:SPLS), OfficeMax Incorporated (NYSE:OMX), Wal-Mart (NYSE:WMT), Target (NYSE:TGT), Walgreens (NYSE:WAG), CVS (NYSE:CVS), Stamps.com Inc. (NASDAQ:STMP), Williams-Sonoma, Inc. (NYSE:WSM), Pier one Imports, Inc. (NYSE:PIR), and Big Lots, Inc. (NYSE:BIG).
(Source: Xignite Financials)