X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DELRAY BEACH, FL-Office Depot’s retail sales were up during its Q3, which ended Sept. 24, but the retailer posted a loss of $48 million. That drop reflected “a number of charges relating to asset impairments, exit costs and other operating items,” according to a company statement.

Without those charges Office Depot’s net earnings were $115 million. Company executives are expecting an additional $34.3 million that will be levied during the next quarter.

The retailer also had difficulties in its international sales, which fell 4% compared to last year. Steve Odland, the company’s chairman and CEO, says this was mainly a result of a “challenging economy and competitive pressure in Europe.”

But the firm’s 885 North American units that were open at least a year from the quarter fared well. Year-over-year same-store sales rose 4%, and total sales jumped 10%. Sales per sf at those units increased 3.7%, to $261.03. After openings in the last 12 months, the company ended the quarter with 1,009 stores in the US and Canada.

The company closed 15 stores during the quarter and opened 13. Six remain closed as a result of damages from Hurricane Katrina. This year Office Depot is on track to open 100 units, and executives forecast the same number of openings for next year.

Total sales for all Office Depot’s retail operations, as well as its non-retail business services division were up 5%, at $3.5 billion. North American retail sales accounted for just over $1.6 billion of that total.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.