Net income increased 35% to $399 million and diluted earnings per share grew 39% to $1.53. Adjusted net income increased 32% to $422 million and adjusted diluted earnings per share increased 35% to $1.62. The adjustments in the first quarter of 2017 were primarily for deal-related amortization and recent acquisitions and divestitures. The Company's operating profit margin improved by 640 basis points to 45% and the adjusted operating profit margin improved by 630 basis points to 47%. This improvement was due to the sale of lower margin businesses, strong organic revenue growth, and productivity initiatives. click Read More below for additional detail
Office Depot, Inc. (NASDAQ: ODP) today announced that it has closed on the sale of its business in South Korea to Excelsior Capital Asia. Office Depot had previously disclosed its intention to sell substantially all of its international businesses under a process that began in 2016.
“This transaction follows on the recently announced agreement to sell our businesses located in Australia and New Zealand,” said Gerry Smith, chief executive officer for Office Depot. “We are now one step closer to achieving our goal of divesting substantially all of our international businesses in order to focus on the growth opportunities available in the North American market.”