August 8, 2018
The office supplies giant has published its financial results for Q2 2018, ending the 30th of June, with mostly good news for the company.
Office Depot’s sales hit $2.62 billion (€2.26 billion) in the quarter, a year-on-year increase of 11 percent from the figure of $2.36 billion (€2.03 billion) in the equivalent period the year before.
The company’s operating income also rose, from $41 million (€35.3 million) to $48 million (€41.4 million), although there was a dip in its net income from continuing operations, which fell from $21 million (€18.1 million) to $19 million (€16.3 million). Operating cash flow, however, climbed to $44 million (€37.9 million), from $27 million (€23.2 million) in 2017.
“I am extremely pleased with our performance in the second quarter as the execution of our strategy is driving improved sales trends across all three of our operating divisions,” declared Office Depot CEO Gerry Smith. “Sales in the Business Solutions Division were up an impressive 4 percent in the quarter driven by our acquisition strategy and growth in the adjacency categories beyond office products. I’m also encouraged by the early success of our initiatives to increase services, which now represent 16 percent of total sales. In addition to the sales performance, our efficiency and cost control initiatives allowed us to deliver an increase in year-over-year operating income and cash flow for the company in the quarter. I’m confident that we have the right strategy in place to grow the business long term and we have assembled a talented and dedicated team that is focused on driving continued execution across the enterprise.”
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