Tuesday, July 26, 2011

Office Depot Inc. (NYSE: ODP): Q2 2011 Earnings Roundup

Office Depot Inc. (NYSE: ODP) said Tuesday that its second-quarter loss after preferred stock dividends widened to $29.3 million, or 11 cents a share, from $25.1 million, or 9 cents, in the prior-year quarter. On an adjusted basis, the company posted a loss of 6 cents a share in the latest quarter. Revenue rose slightly to $2.71 billion from $2.7 billion. Analysts, on average, expected the company to post a loss of 12 cents a share on revenue of $2.73 billion.

"Our second quarter 2011 operating results improved versus the prior year due to the successful execution of our key initiatives throughout the Company," said Neil Austrian, Office Depot's Chairman and Chief Executive Officer. "We are pleased with the progress across the enterprise and our associates will continue to direct their efforts toward achieving our goals."

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