Office Depot, Inc. (ODP) reported that its first-quarter net loss attributable to common stockholders was $16.82 million or $0.06 per share, compared to net earnings of $41.29 million or $0.14 per share in the first quarter of 2012.
First quarter of 2013 results included approximately $25 million of pre-tax charges, comprised primarily of merger-related costs, restructuring activities, and approximately $5 million related to non-cash store asset impairment charges in the North American Retail Division.
The first quarter of 2012 results included approximately $9 million of net benefit, consisting of a favorable pension settlement offset by restructuring activities, loss on the extinguishment of debt, and non-cash store asset impairment charges.
Excluding charges, net earnings would have been approximately $1 million or $0.00 per share, compared to net earnings of $30 million or $0.11 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter declined to $2.72 billion from $2.87 billion in the prior year quarter. Fourteen analysts had consensus revenue estimate of $2.77 billion for the quarter. Sales in the quarter were negatively impacted by approximately $58 million or 200 basis points compared to the prior year due to a shift in the timing of the New Year and Easter holidays.
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