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Office Depot, Inc. (NYSE:ODP) projects continued erosion of sales and earnings in the fourth quarter of 2007. As previously reported, the company's results for the third quarter of 2007 were negatively impacted by difficult housing-related economic conditions in certain of its key markets, particularly Florida and California, which accounted for 28 percent of North American sales in that period. This weakness appears to be spreading to other U.S. retail markets, creating additional pressure on sales and margins. Further, since inventory purchases are down due to lower sales and disciplined inventory management, fourth quarter vendor program support levels are currently expected to be about $70 million lower than last year.
Diluted earnings per share for the third quarter of 2007 totaled $0.43, including a tax benefit and the reversal of a bonus accrual totaling $0.17 per share. Similar benefits will not contribute to fourth quarter earnings.
The latest investor presentation can be found at http://investor.officedepot.com.
Office Depot will release fourth-quarter earnings for the fiscal period ending December 29, 2007 on Tuesday, February 26, 2008. The Company will host a webcast to discuss earnings at 9:00 a.m. Eastern Time (8:00 a.m. Central Time) on Tuesday, February 26, 2008.
