Office Depot reports 4Q loss
Office Depot reports fourth-quarter loss of $52 million
BOCA RATON, Fla. (AP) _ Office Depot Inc. (ODP) on Wednesday reported a fourth-quarter loss of $52 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Boca Raton, Florida-based company said it had a loss of 10 cents. Earnings, adjusted for pretax expenses and non-recurring costs, came to 8 cents per share.
The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The office supply retailer posted revenue of $2.58 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $2.54 billion.
For the year, the company reported profit of $181 million, or 34 cents per share. Revenue was reported as $10.24 billion.
Office Depot expects full-year earnings to be 30 cents per share.
The company's shares closed at $2.91. A year ago, they were trading at $4.45.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ODP at https://www.zacks.com/ap/ODP
