Office Depot Q2 Loss Sharply Widens - Quick Facts

Office Depot Inc. (ODP), a provider of technology solutions to small, medium and enterprise businesses, reported Wednesday a net loss for the second quarter of $439 million or $8.19 per share, sharply wider than $24 million or $0.43 per share in the prior-year quarter.

Excluding items, adjusted loss for the quarter was $0.07 per share, compared to adjusted earnings of $0.68 per share in the year-ago quarter.

On average, 4 analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter declined 17 percent to $2.16 billion from $2.59 billion in the same quarter last year. The Street was looking for revenues of $2.12 billion for the quarter.

Looking ahead, the Company said its fiscal 2020 guidance remains withdrawn, due to the continued uncertainty of the severity and duration of the impacts related to the COVID-19 outbreak.

The Company had withdrawn its previously issued 2020 guidance on May 6, 2020, due to the global business disruption and uncertainty caused by the COVID-19 pandemic.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) approved Boehringer Ingelheim's Cyltezo as the first interchangeable biosimilar to AbbVie's top-selling drug Humira or adalimumab. Cyltezo, originally approved in August 2017, is both biosimilar to, and interchangeable with Humira for Cyltezo's approved uses. The Food and Drug Administration may be planning to allow people to receive Covid-19 vaccine booster shot that is different from the initial dose, reports indicate. The agency is likely to make the announcement on mix and match approach on coronavirus booster vaccines on Wednesday. The move will be part of FDA's expected authorization of boosters for the Moderna and Johnson & Johnson vaccines. Drug major Johnson & Johnson on Tuesday raised again its forecast for fiscal 2021 earnings and sales, which are above market view, after reporting higher results in the third quarter. The company's quarterly adjusted earnings also beat market estimates. In pre-market activity on the NYSE, JNJ shares were gaining around 1.24 percent to trade at $162.10.
Follow RTT