During the third quarter, which ended Sept. 30, the company opened 50 stores, bringing its total to 1,121 in North America and its number of openings to 76 units so far this year, on the way to 115 by the end of December. Next year executives plan to open 150 stores, followed by 200 in 208.

On the renovation front, the retailer revamped 64 stores during the quarter, on its way to between 165 and 175 facelifts for the year. Executives say they expect all of the stores in their portfolio to be updated in the next two years. Between new stores and renovations, Office Depot is planning $425 million in capital expenditures this year and an additional $600 million to $700 million over the next two years.

Overseas, where it has 323 stores, Office Depot is still considering acquisitions, says Steve Odland, the company's chairman and CEO, explaining that the company intends to "increase our geographic reach" in Europe. Office Depot also has operates in China, Japan and South Korea.