The Company to Present Today at the Goldman Sachs Annual Global
BOCA RATON, Fla.--(BUSINESS WIRE)--Sep. 3, 2014--
Office Depot, Inc. (NYSE: ODP), a leading global provider of office
products, services, and solutions formed by the merger of Office
Depot and OfficeMax in November 2013, announced that as part of its
participation today at the Goldman Sachs 21st Annual Global
Retailing Conference in New York City, it plans to reiterate its outlook
In line with the company’s guidance previously announced on August 5,
2014, Office Depot, Inc. expects to generate adjusted operating income(1)
of not less than $200 million in 2014, and anticipates that total
company sales in 2014 will be lower than 2013 combined pro forma sales.
Additionally, the company expects total adjusted year-over-year sales(1)
for the third quarter of 2014 to be similar to the first half 2014 trend.
Steve Hare, executive vice present and chief financial officer, will
present at the conference today at approximately 8:05 a.m. Eastern
Daylight Time. An audio webcast of the presentation will be broadcast
simultaneously through the Investor Relations portion of the Office
Depot website. To access the webcast, visit investor.officedepot.com.
(1) Adjusted sales and adjusted operating income
are non-GAAP measures. Adjusted sales exclude sales from the Grupo
OfficeMax consolidated joint venture, as the Office Depot interest in
the joint venture was sold on August 5, 2014. Adjusted operating income
is defined as operating income less charges or credits not indicative of
our core operations, which may include but not be limited to merger
integration expenses, restructuring charges, asset impairments, and
significant legal accruals. Adjusted operating income also excludes
results from the Grupo OfficeMax consolidated joint venture.
Reconciliations from GAAP to non-GAAP financial measures can be found on
our Investor Relations website at investor.officedepot.com.
Additional information is provided in our Form 10-Q for the quarter
ended June 28, 2014.
About Office Depot, Inc.
Formed by the merger of Office Depot and OfficeMax, Office Depot, Inc.
is a leading global provider of products, services, and solutions for
every workplace - whether your workplace is an office, home, school, or
Office Depot, Inc. is a resource and a catalyst to help customers work
better. We are a single source for everything customers need to be more
productive, including the latest technology, core office supplies, print
and document services, business services, facilities products,
furniture, and school essentials.
The company has combined pro forma annual sales of approximately $17
billion, employs more than 60,000 associates, and serves consumers and
businesses in 57 countries with more than 2,000 retail stores,
award-winning e-commerce sites and a dedicated business-to-business
sales organization - all delivered through a global network of wholly
owned operations, joint ventures, franchisees, licensees and alliance
partners. The company operates under several banner brands including
Office Depot, OfficeMax, OfficeMax Grand & Toy, Reliable and Viking. The
company's portfolio of exclusive product brands include TUL, Foray,
DiVOGA, Ativa, WorkPRO, RealSpace and HighMark.
Office Depot, Inc.’s common stock is listed on the New York Stock
Exchange under the symbol ODP. Additional press information can be found
All trademarks, service marks and trade names of Office Depot, Inc.
and OfficeMax Incorporated used herein are trademarks or registered
trademarks of Office Depot, Inc. and OfficeMax Incorporated,
respectively. Any other product or company names mentioned herein are
the trademarks of their respective owners.
This communication may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements or disclosures may discuss goals, intentions and expectations
as to future trends, plans, events, results of operations or financial
condition, or state other information relating to, among other things,
the company, based on current beliefs and assumptions made by, and
information currently available to, management. Forward-looking
statements generally will be accompanied by words such as “anticipate,”
“believe,” “plan,” “could,” “estimate,” “expect,” “forecast,”
“guidance,” “intend,” “may,” “possible,” “potential,” “predict,”
“project,” “propose” or other similar words, phrases or expressions, or
other variations of such words. These forward-looking statements are
subject to various risks and uncertainties, many of which are outside of
the company’s control. There can be no assurances that the company will
realize these expectations or that these beliefs will prove correct, and
therefore investors and shareholders should not place undue reliance on
Factors that could cause actual results to differ materially from those
in the forward-looking statements include adverse regulatory decisions;
the risks that the combined company will not realize the estimated
accretive effects of the merger or the estimated cost savings and
synergies; the businesses of Office Depot and OfficeMax may not be
integrated successfully or such integration may take longer, be more
difficult, time-consuming or costly to accomplish than expected; the
business disruption following the merger, including adverse effects on
employee retention; the combined company’s ability to maintain its
long-term credit rating; unanticipated changes in the markets for the
combined company’s business segments; unanticipated downturns in
business relationships with customers; competitive pressures on the
combined company’s sales and pricing; increases in the cost of material,
energy and other production costs, or unexpected costs that cannot be
recouped in product pricing; the introduction of competing technologies;
unexpected technical or marketing difficulties; unexpected claims,
charges, litigation, dispute resolutions or settlement expenses; new
laws and governmental regulations. The foregoing list of factors is not
exhaustive. Investors and shareholders should carefully consider the
foregoing factors and the other risks and uncertainties described in
Office Depot’s Annual Reports on Form 10-K and Quarterly Reports on Form
10-Q filed with the Securities and Exchange Commission. The company does
not assume any obligation to update or revise any forward-looking
Source: Office Depot, Inc.
Office Depot, Inc.
Mike Steele, 561-438-3657
Karen Denning, 630-864-6050