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ODP Corp. Sales Decline 2%

Office supply holding company The ODP Corporation (ODP) on Wednesday reported net income from continuing operations of $20 million or $0.39 per share compared with $20 million or $0.35 per share in the same quarter a year ago.

Excluding one-time items, earnings were $39 million or $0.79 per share.

Quarterly sales declined 2% to $2.034 billion from $2.070 billion last year, due to lower retail sales as a result of planned store closures.

Looking forward to the full year, the company expects sales to be in the range of $8.45 billion- $8.60 billion and adjusted EPS to be in the range of $4.10 - $4.50. ODP had adjusted earnings of $4.28 per share in the previous year with sales of $8.465 billion.

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