Office Depot (ODP) Shares Higher Despite Mixed Q4 Results, Flat Comps
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Shares of Office Depot (NYSE: ODP) are indicated higher in early trading Monday amid mixed fourth-quarter 2011 results.
Sales for Office Depot rose 0.3 percent from $2.96 billion in the same period for 2010 to $2.97 billion.
Office Depot swung to a profit of $12.28 million, or 4 cents per share, in the period, versus a $108.6 million loss in last year's quarter. Adjusting for charges and tax benefits, net earnings slipped to 3 cents per share.
The Street was expecting revs of $3.0 billion and break even EPS in the quarter.
Office Depot reported an increase in free cash flow from $28 million a year ago to $139 million in the fourth quarter of 2011.
North American retail saw a 5 percent drop in comps which Office Depot attributed to "the Division’s strategy to be less promotional during the holiday period in order to deliver improved profitability." North American Business Solutions division reported sales of $832 million, flat after adjustments. Business sales were higher on a percentage basis, though total transactions lagged.
International Division sales were flat at $901 million.
Shares are about 2 percent higher ahead of the bell.
Sales for Office Depot rose 0.3 percent from $2.96 billion in the same period for 2010 to $2.97 billion.
Office Depot swung to a profit of $12.28 million, or 4 cents per share, in the period, versus a $108.6 million loss in last year's quarter. Adjusting for charges and tax benefits, net earnings slipped to 3 cents per share.
The Street was expecting revs of $3.0 billion and break even EPS in the quarter.
Office Depot reported an increase in free cash flow from $28 million a year ago to $139 million in the fourth quarter of 2011.
North American retail saw a 5 percent drop in comps which Office Depot attributed to "the Division’s strategy to be less promotional during the holiday period in order to deliver improved profitability." North American Business Solutions division reported sales of $832 million, flat after adjustments. Business sales were higher on a percentage basis, though total transactions lagged.
International Division sales were flat at $901 million.
Shares are about 2 percent higher ahead of the bell.
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