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Office Depot Sales Fall 17%

 
FOXBusiness
     

    Office Depot (ODP) reported a smaller-than-expected quarterly loss for the third quarter, totaling 8 cents per share. That was better than the Thomson Reuters analyst expectation of 10 cents per share.

    The loss at the second-largest office supply company in the United States totaled $413 million, or $1.51 per share, versus $7 million, or 2 cents per share, in the year prior. The per-share loss in the latest quarter included various charges.

    Sales dropped 17% to $3.03 billion, just missing the Thomson Reuters analyst estimate of $3.07 billion. In the face of the recession, many small and large companies have cut back on supplies, especially on expensive investment items like computers. Office Depot’s sales of computers and furniture were especially low.

     
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