Office Depot Earnings Down 27%

Delray Beach, FL—Office products giant Office Depot (NYSE: ODP) posted lackluster numbers for its second quarter ended June 30. Total sales decreased 3%, to $2.6 billion, compared to the second quarter of 2000. Comparable worldwide sales in the 814 stores decreased 2% for the second quarter. As for net income, Office Depot recorded a 27% decline to $42 million, compared to $57.9 million for the same period last year. The second quarter results included net charges primarily related to the noncash write-downs of investments in certain Office Depot Internet marketing partners totaling $5.9 million. Still, Bruce Nelson, Office Depot’s CEO said in a statement that “The continued weakness in the North America economy and the strengthening U.S. dollar overseas are masking otherwise significant improvements in Office Depot’s operating results. Our North American Retail Division gross margin percentage in this quarter was the highest since the second quarter of 1999.”

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