Office Depot misses Street 2Q forecasts

Markets Associated Press

Office Depot Inc. (ODP) on Wednesday reported second-quarter profit of $24 million.

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On a per-share basis, the Boca Raton, Florida-based company said it had profit of 5 cents. Earnings, adjusted for one-time gains and costs, were 6 cents per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share.

The office supply retailer posted revenue of $2.36 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $2.46 billion.

Office Depot shares have risen 35 percent since the beginning of the year. The stock has risen 71 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ODP at https://www.zacks.com/ap/ODP

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Keywords: Office Depot, Earnings Report