Office Depot Reports $7 Million Loss
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by Chief Marketer Staff
Office Depot Inc. posted a net loss of $7 million in the third quarter, compared to earnings of $117 million in the prior year.
The Delray Beach, FL company reported sales of $3.7 billion for the quarter ended Sept. 27, a 7% decrease from $3.9 billion last year.
The direct marketer and retailer posted gross profit of $1 million for the quarter, a decrease from $1.1 million in the prior year.
The firm reported selling and general administrative expenses of $844.2 million for the quarter, compared to $844 million in the prior year.
Management attributed these results in part to slower sales among both its small business and large corporate and governmental customers.
