Office Depot (ODP) Misses Q1 EPS by 2c

Office Depot (NASDAQ: ODP) reported Q1 EPS of $0.10, $0.02 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $3.5 billion versus the consensus estimate of $3.62 billion.

“The protracted regulatory review of the pending Staplesacquisition continues to have a substantial disruptive impact on our business,” said Roland Smith, chairman and chief executive officer for Office Depot. “Our North American Business Solutions Division and International Division are more impacted by this disruption and accordingly, both failed to meet our sales and profit expectations this quarter. In spite of the uncertainty surrounding the acquisition, our associates around the world continue to demonstrate focus, drive and dedication as we finalize this process.”

Smith added, “Regarding the pending Staples acquisition, we expect U.S. federal district court Judge Sullivan to render his decision by May 10, 2016. We continue to believe that this transaction provides substantial benefits to our shareholders and all our customers.”

For earnings history and earnings-related data on Office Depot (ODP) click here.

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