Total reported sales for the first quarter of 2018 were $2.8 billion compared to $2.7 billion in the first quarter of 2017, an increase of 6%. As a result of the CompuCom acquisition and focus on growing services revenue, the Company has enhanced its disclosure to report the breakdown between product sales and service revenues. Office Depot's service revenues now make up approximately 14% of the Company's total sales. In the first quarter of 2018, Office Depot reported operating income of $77 million and net income from continuing operations was $33 million, or $0.06 per share, compared to operating income of $124 million, net income from continuing operations of $74 million and $0.14 per share in the first quarter of 2017. Click Read More below for additional information.
Imports at the nation’s major retail container ports reached unusually high numbers before new tariffs on goods from China took effect on September 1 and are expected to surge again before another round of tariffs takes effect in December.
That’s according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates. New 15% tariffs on a wide range of consumer goods from China took effect at the beginning of this month and are scheduled to be expanded to additional goods on December 15 – covering a total of about $300 billion in imports. In addition, 25% tariffs on $250 billion worth of imports already imposed over the past year will increase to 30% on October 1.
“Retailers are still trying to minimize the impact of the trade war on consumers by bringing in as much merchandise as they can before each new round of tariffs takes effect and drives up prices,” stated NRF VP for supply chain and customs policy Jonathan Gold. “That’s the same pattern we’ve seen over the past year, but we’re very quickly going to be at the point where virtually all consumer goods will be subject to these taxes on American families.”
U.S. ports covered by Global Port Tracker handled 1.96 million twenty-foot equivalent units in July, the latest month for which after-the-fact numbers are available. That was up 9.1% from June and up 2.9% year-over-year.
more at source: https://www.chainstoreage.com/operations/retail-imports-surging-again-ahead-of-more-tariffs/