The Recycler
  • ECS Web ad November
  • Nienstar November Advert Masthead
  • Biuromax Web ad May 2021
  • Nubeprint Online 425x90
  • Katun March Web Advert 2021

Office Depot releases latest financials

Office Depot releases latest financials

November 8, 2018

The office equipment supplier has published its data for Q3 of the current fiscal year (ended September the 30th), with income falling despite a rise in sales.

For the three months from July to September, Office Depot recorded sales of $2.88 billion (€2.52 billion), a 10 percent increase on Q3 2017’s figure of $2.62 billion (€2.29 billion).

Breaking this down, Office Depot revealed that $2.45 billion (€2.14 billion) of this total was through product sales – up 1 percent on 2017’s $2.42 billion (€2.12 billion) – and $434 million (€380.09 million) came from service revenues, up from $194 million (€169.9 million) in the same period last year, a rise of 124 percent.

Operating income remained the same in Q3 2018 as it was in Q3 2017, sticking at $105 million (€91.95 million), but net income from continuing operations fell from $98 million (€85.82 million) last year to $60 million (€52.54 million) in 2018.

This picture was broadly reflected in Office Depot’s Business Solutions Division, which saw a 6 percent increase in sales – from $1.28 billion (€1.12 billion) to $1.36 billion (€1.19 billion) – but a slight drop in division operating income, which fell from $71 million (€62.19 million) to $67 million (€58.68 million).

In the Retail Division, meanwhile sales fell 5 percent, from $1.32 billion (€1.15 billion) in 2017 to $1.25 billion (€1.09 billion) this year, whilst division operating income also dropped, from $80 million (€70.07 million) to $70 million (€61.31 million).

Reflecting on the results, Office Depot CEO Gerry Smith said: “We’re making excellent progress on our strategy and we have again delivered strong top line growth and generated significant free cash flow. A primary focus during this phase of our transformation is to recapture top-line sales growth and strengthen our core, and I’m pleased to report that our Business Solutions Division delivered their best quarter in over a decade, with sales up 6 percent in total including recent acquisitions, and most importantly, up 1 percent organically. The investments that we are making in building our services capabilities are also continuing to pay off as service revenues again grew double digits in both our BSD and Retail divisions.”

“Overall,” Smith added, “we are making great progress on our transformation and remain confident that we have the right strategy in place to drive sustainable, profitable growth in the future.”

Categories : City News

Tags : Business Financials Office Depot Q3 USA

  • Apex web ad May 2021 version 2
  • Mito December Advert
  • IR Italiana Web ad January 2021
  • Aster Web ad October
  • GM Technology December 2021
  • Ninestar Big & Bold July 2021
  • GPI December Advert
  • Static Web ad July 2021
  • Armor May banner Ink
  • Ninestar New Banner
  • PCL Web ad January 2021
  • Ohana July 2021 web advert
  • CET Web ad September 2021
  • Adter Recruitment Web ad April 2021
  • HYB Web ad February 2021
  • CTS Toner Supplies Web ad April 2021
  • PW Dubai December Ad
  • Printlife Web 300x250 Nov 2021
  • ITP Web ad January 2021
  • PCL Web ad January 2021
  • CET Web ad September 2021
  • Ohana July 2021 web advert
  • Adter Recruitment Web ad April 2021
  • ITP Web ad January 2021
  • Printlife Web 300x250 Nov 2021
  • CTS Toner Supplies Web ad April 2021
  • HYB Web ad February 2021
  • PW Dubai December Ad
  • CTS Toner Supplies Web ad April 2021
  • CET Web ad September 2021
  • Printlife Web 300x250 Nov 2021
  • Adter Recruitment Web ad April 2021
  • HYB Web ad February 2021
  • PCL Web ad January 2021
  • ITP Web ad January 2021
  • Ohana July 2021 web advert
  • PW Dubai December Ad

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2021 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark