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Office Depot Withdraws FY20 Outlook; Suspends Share Buyback, Dividend

While reporting financial results for the first quarter on Wednesday, Office Depot Inc. (ODP) said it is withdrawing its previously issued guidance for the full-year 2020, due to the global business disruption and uncertainty caused by the COVID-19 pandemic.

Due to the uncertainty of the severity and duration of the impacts of the COVID-19 outbreak, the company is unable to estimate the magnitude by which sales of products and services in its business will be affected in the future quarters of 2020.

Proactively adopting a more conservative approach to its capital return program to preserve maximum liquidity and financial flexibility in the current environment, the company is also temporarily suspending its share repurchases and quarterly cash dividend beginning with the second quarter of 2020. The company does not expect to repurchase shares in the near term.

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