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Office Depot, Inc. stock price
Office Depot, Inc. latest news:
Office Depot beats estimates despite hurricane impact
Office Depot Inc. said Thursday it had net income of $92 million, or 17 cents a share, in the third quarter, down from $193 million, or 35 cents a share, in the year-earlier period. Adjusted per-share earnings came to 19 cents, ahead of the 13 cents FactSet consensus. Sales fell to $2.620 billion from $2.836 billion, but beat the FactSet consensus of $2.610 billion. The retailer, which has just completed the acquisition of CompuCom Systems Inc., said sales were hurt by hurricanes Harvey, Irma and Maria, which disrupted its Puerto Rico and southeastern U.S. business. The company said it is making progress with a transformation plan put in place by new CEO Gerry smith aimed at making the company more services driven. The company is expecting 2017 sales to be lower than 2016's, mostly due to the impact of store closures, hurricanes and continued challenging market conditions. Shares were not yet active premarket, but have fallen 33% in 2017, while the S&P 500 has gained 16%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Office Depot announces executive VP Michael Allison will leave company effective Oct 13
Office Depot Inc(ODP). * Office Depot(ODP) - on Oct 12, co announced Michael Allison, executive vice president, chief administrative officer, will leave company effective Oct 13. * Office Depot (ODP) - pursuant to general release agreement, co will provide $1.3 million to Allison, payable in a lump sum six months following effective date Source text: [http://bit.ly/2ij5CZ2] Further company coverage:
How Office Depot Is Taking a New Strategic Direction
BRIEF-Office Depot to acquire CompuCom for about $1 billion
* Office Depot takes first step in strategic transformation
to become business services platform with acquisition of
Office Depot to buy CompuCom for $1 billion, lowers guidance
Shares of Office Depot Inc. fell 2% late Tuesday after the company said it planned to buy IT company CompuCom Systems Inc. for $1 billion. That is a first step into "pivoting the company from a traditional office products retailer to a broader business services and technology products platform," the company said in a statement. Private-equity firm Thomas H. Lee Partners LP owned CompuCom, and the deal will include paying down CompuCom debt and issuing new Office Depot shares. The deal would add $1.1 billion of revenue and more than $40 million within two years in cost synergies. In the same statement, Office Depot said it was lowering its outlook for 2017, saying it expects adjusted operating income to be between $400 million and $425 million, from an estimate of $500 million. The company pinned the downgrade to the impact of the hurricanes, lower back-to-school sales and store traffic, and temporarily higher supply-chain costs. The stock ended the regular session up 1.3%. A merger between Office Depot and rival Staples Inc. was scuttled last year, and earlier this year Staples was sold to a private equity firm.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Confusion hits consumer market over U.S. ban of Kaspersky software
Best Buy and Office Depot said they will no longer sell Kaspersky Labs software, although a security researcher said most consumers don't need to be alarmed.
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