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Office Depot Reports Wider Loss

BOCA RATON, FL-Despite closing 114 locations over the past year, same-store sales are off substantially.

By Carl Cronan | Updated on July 28, 2009

BOCA RATON, FL-Locally based Office Depot Inc. on Tuesday reported a wider-than-expected loss in the second quarter, along with a 22% falloff in sales over the past year. The office supply chain has 114 fewer stores throughout North America than a year ago, though sales in stores open since last year were down 18% for the latest quarter.

Office Depot posted a loss of $82.6 million in the quarter ended June 27, compared with a loss of $2 million during the same three-month period in 2008. Quarterly revenue over the year fell to $2.8 billion from $3.6 billion a year ago, with North American sales falling 21% to $1.1 billion.

“Second-quarter business results met our expectations given the challenging economic conditions and the period’s normal seasonality,” Mike Newman, Office Depot chief financial officer, stated in a release. He noted that the company’s liquidity efforts generated positive cash flow of $9 million in the second-quarter after financing activities.

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