logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Hongkong Sun Rise Trading Ltd. has recalled about 151,400 units of Kobalt Cordless Electric chainsaws and about 106,520 units of Kobalt Cordless Electric pole saws for possible laceration hazard, according to two separate statements issued by the U.S. Consumer Product Safety Commission. These include 1,400 chainsaws and 120 pole saws sold in Canada. Branded food company Hormel Foods Corp. (HRL) announced Friday that its Hormel Black Label Breakfast Food Truck will hit the road with free sample event of the popular brand's new Hormel Black Label Oven-Baked Egg Bites. The samples come in three variants - with Bacon, with Chorizo and with Bacon and... United Airlines has rolled out an interactive online "Map Search" feature for its customers in collaboration with search giant Google. The new feature is powered by Google Flight Search Enterprise Technology. United is claimed to be the first airline in the U.S. to add this feature. The new feature, available on United.com, allows customers to easily search, compare and purchase flight tickets.
Follow RTT