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Office Depot reports larger 2nd quarter loss
By Palm Beach Business.com
BOCA RATON — Boca Raton-based Office Depot saw second quarter loss widen during the second quarter as revenue stagnated compared to a year ago.
The company lost $29.3 million, or 11 cents a share, on revenue of $2.7 billion compared to a loss of $25.1 millon, or 9 cents a share, on revenue of $2.7 million during the same quarter a year ago. The company cited restructuring charges and costs related to improving efficiency as adding to the loss.
"Our second quarter 2011 operating results improved versus the prior year due to the successful execution of our key initiatives throughout the Company,” CEO Neil Austrian said. “We are pleased with the progress across the enterprise and our associates will continue to direct their efforts toward achieving our goals.”
Operating profit adjusted for charges was $11 million in the second quarter, compared to an operating loss of $23 million in the prior year period.
Sales in the North American Retail Division were $1.1 billion, a decrease of 2 percent compared to the prior year. Same store sales in the 1,108 stores that have been open for more than one year fell 1 percent. A decline in comparable sales of computers and related products experienced during the later part of the second quarter contributed significantly to the overall comparable sales decline.
Sales in the North American Business Solutions Division were $803 million, a 2 percent decrease compared to the prior year. Government sales declined during the period but contract sales to large customers and small businesses increased.
International sales totaled $827 million, an increase of 6 percent in dollars and a decrease of 5 percent in constant currencies compared to the prior year.
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