Office Depot, Inc. Announces Fourth Quarter and Full Year 2014 Results

Office Depot, Inc. (“Office Depot”, or the “company”) (NASDAQ: ODP), a leading global provider of office products, services, and solutions formed by the merger of Office Depot and OfficeMax Incorporated (“OfficeMax”), today announced results for the fourth quarter and year ended December 27, 2014.

“We were pleased to deliver strong fourth quarter results, and full year 2014 adjusted operating income that was almost three-fold higher than the prior year pro forma. Our teams executed extremely well on all of our 2014 critical priorities, and we exited 2014 with an annualized run rate of more than $500 million in merger integration synergies,” said Roland Smith, chairman and chief executive officer for Office Depot, Inc. “Our operating priorities for 2015 primarily focus on driving continued synergies and efficiencies and improving the customer experience.”

Total reported sales for the fourth quarter of 2014 were $3.8 billion compared to $3.5 billion in the fourth quarter of 2013, and were 6% lower than combined pro forma sales of $4.1 billion in the fourth quarter of the prior year.

In the fourth quarter of 2014, Office Depot reported an operating loss of $61 million and a net loss available to common stockholders of $84 million, or $0.15 per share. In the fourth quarter of 2013, the reported operating loss was $118 million and the net loss available to common stockholders, was $144 million, or $0.34 per diluted share.

For the full year 2014, Office Depot reported an operating loss of $275 million compared to an operating loss of $205 million in the full year 2013, and a net loss attributable to common stockholders of $354 million, or $0.66 per share, compared to a net loss of $93 million, or $0.29 per share in the full year 2013.

read more/source:  http://investor.officedepot.com/phoenix.zhtml?c=94746&p=irol-newsArticle&ID=2019292

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