Without those charges Office Depot's net earnings were $115 million. Company executives are expecting an additional $34.3 million that will be levied during the next quarter.
The retailer also had difficulties in its international sales, which fell 4% compared to last year. Steve Odland, the company's chairman and CEO, says this was mainly a result of a "challenging economy and competitive pressure in Europe."
But the firm's 885 North American units that were open at least a year from the quarter fared well. Year-over-year same-store sales rose 4%, and total sales jumped 10%. Sales per sf at those units increased 3.7%, to $261.03. After openings in the last 12 months, the company ended the quarter with 1,009 stores in the US and Canada.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.