DELRAY BEACH, Fla., Jul 08, 2008 (BUSINESS WIRE) -- Office Depot, Inc. (NYSE:ODP), a leading global provider of office
products and services, announced today that it continued to be
negatively impacted by the challenging economic environment in the
second quarter of 2008.
As a result of additional pressure from weakening business
conditions in the second quarter, North American Retail same store
sales decreased nearly 10 percent versus the prior year and total
Company sales were down slightly. The Company anticipates its EBIT
margin to have declined for the second quarter by 200 basis points
more than the 200 to 250 basis point decline previously indicated on a
year-over-year basis as sales trends worsened late in the quarter.
Office Depot said it is disappointed with these preliminary
results driven by a very difficult business environment, but it
continues to press ahead with the implementation of its strategic
plans and margin expansion initiatives. While the Company anticipates
the economic environment to be difficult over the balance of the year,
it expects its profit margins to improve sequentially in the third and
fourth quarters.
Office Depot is scheduled to release earnings for the
second-quarter 2008 fiscal period ending June 28, on Wednesday, July
30, 2008, and host a webcast to discuss earnings at 9:00 a.m. Eastern
Time.
To listen via webcast, please visit Office Depot's Investor
Relations Web site at http://investor.officedepot.com. A replay of the
webcast and a copy of the presentation will also be available on the
website.
Office Depot observes a quiet period which commenced June 28,
2008, and extends to the date on which it releases earnings, during
which period the Company does not have discussions with the investment
community.
About Office Depot
Every day, Office Depot is Taking Care of Business for millions of
customers around the globe. For the local corner store as well as
Fortune 500 companies, Office Depot provides products and services to
its customers through more than 1,600 worldwide retail stores, a
dedicated sales force, top-rated catalogs and a $4.9 billion
e-commerce operation. Office Depot has annual sales of approximately
$15.5 billion, and employs about 49,000 associates around the world.
The Company provides more office products and services to more
customers in more countries than any other company, and currently
sells to customers directly or through affiliates in 44 countries.
Office Depot's common stock is listed on the New York Stock
Exchange under the symbol ODP and is included in the S&P 500 Index.
Additional press information can be found at:
http://mediarelations.officedepot.com.
SOURCE: Office Depot, Inc.
Office Depot, Inc.
Brian Turcotte, 561-438-3657
Investor Relations
Brian.Turcotte@officedepot.com
or
Brian Levine, 561-438-2895
Public Relations
Brian.Levine@officedepot.com
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