Office Depot Posts $48M Loss

DELRAY BEACH, FL-Office Depot’s retail sales were up during its Q3, which ended Sept. 24, but the retailer posted a loss of $48 million. That drop reflected “a number of charges relating to asset impairments, exit costs and other operating items,” according to a company statement.

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.”