Office Depot (ODP) Initiates Qtr. Dividend at 2.5c/Share; Yields 3%
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Office Depot (ODP) Misses Q2 EPS by 3c; Announces Cost Savings Program; Initiates Dividend, Hikes Stock Buyback
August 3, 2016 6:52 AM EDTOffice Depot (NASDAQ: ODP) reported Q2 EPS of $0.03, $0.03 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $3.2 billion versus the consensus estimate of $3.2 billion.
North American Retail Division
Retail Division sales were $1.2 billion in the second quarter of 2016 compared to $1.3 billion in the prior year period. Second quarter sales declined 7%, primarily due to the impact of planned store closures in the twelve months through June 25, 2016. Same-store sales in the quarter declined 1% primarily due to lower transaction counts, partially offset by higher average order value. Same-store sales benefited from the... More
