First Quarter 2018 Highlights • Revenue increased 0.8% year-over-year, driven by Small Business Services growth of 2.7% which includes the results of several small tuck-in acquisitions. Financial Services revenue was flat compared to the prior year. • Gross margin was 61.6% of revenue, compared to 63.2% in the first quarter of 2017. The impact of product and service mix and increased delivery and material costs this year, as well as acquisitions, was only partially offset by previous price increases and continued improvements in manufacturing productivity. • Operating income increased 3.2% year-over-year. Adjusted operating income, which excludes restructuring, integration and transaction costs, as well as asset impairment charges, in both periods, increased 0.9% year-over-year primarily from price increases and continued cost reduction initiatives, partially offset by the continuing decline in check and forms usage. Click Read More below for additional information.
Office Depot, Inc. (NASDAQ:ODP), a leading omnichannel provider of business services and supplies, products and technology solutions, has announced the latest enhancement to the company’s Print & Copy services with the placement of thousands of new Xerox units, from walk-up multifunction printers to high-end production devices and personalization software, in retail stores and regional production facilities nationwide. Walk-up customers can use the tablet-like user interface on the Xerox multifunction printers to copy, print, scan and checkout right at the device with a customized, secure auto-pay feature. Behind the counter, the Xerox Color C60/C70 Printer delivers colorful, quality applications ranging from invitations and posters to promotional products and marketing materials with the added convenience of being able to place orders in-store, online or through the Office Depot mobile app for in-store pick-up.
This marks an extension of the company’s 30-year relationship with Xerox Corporation (NYSE:XRX) and is Office Depot’s latest investment in its Workonomy™ platform of business services, including print and copy, technology, packing and shipping, furniture and administrative services married with “human touch” expertise.
“One of the core tenets of our Workonomy platform lies in meeting the needs of our business customers, on their terms, through our robust business services and expertise, including printing, technology, packing and shipping,” said John Gannfors, chief merchandising and supply chain officer for Office Depot, Inc. “The demand for print services continues to be strong, and through this investment, our customers will continue to receive the same outstanding service, output and reliability they’ve come to expect from Office Depot.”
Both retail and business customers will benefit from this new agreement, thanks to devices like the Xerox Iridesse® Production Press that prints metallic inks. Additionally, devices like the Xerox Brenva® HD Production Inkjet Press and the Xerox Trivor® Inkjet Press deliver high-speed inkjet printing with offset quality output, which gives customers the continued benefit of mass customization and variability of digital printing while offering superior quality and economic benefits.
“Our mantra is to be a true technology partner, expanding well beyond the box to provide strategic guidance and consultancy,” said Mike Feldman, president, Americas Operations, Xerox. “Our long-term partnership with Office Depot is indicative of Xerox’s staying power and we’re confident our innovations will help propel their Workonomy platform even further.”