Office Depot profit beats estimates as costs drop quoting : "MarketWatch"

FILE PHOTO: An Office Depot store is pictured in Encinitas, California, February 19, 2013. Excluding items, Office Depot earned 16 cents per share, beating analysts average estimate of 12 cents, according to Thomson Reuters I/B/E/S. But, like other retailers, Office Depot continues to be hit by slowing foot traffic as consumers shift to online shopping at e-commerce giants such as Amazon.com Inc (AMZN.O). REUTERS/Mike Blake/File PhotoOffice supply chain Office Depot Inc (ODP.O), reported a bigger-than-expected profit for the first quarter as its operational expenses fell, in part due to a lower store count. The company's net income rose to $116 million, or 22 cents per share, in the quarter ended April 1, from $46 million, or 8 cents per share, a year earlier.


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Office Depot beats first-quarter profit expectations
Shares of Office Depot have gained 15.6% in the past three months, compared to the S&P 500's SPX, +0.00% gain of 4%. Office Depot, Inc. ODP, +0.59% reported first-quarter net income Tuesday of $116 million, or 22 cents per share, up from $46 million, or 11 cents per share, in the year-earlier period. Office Depot still expects its total company sales to be lower in 2017 due to planned store closures, as well as challenging market conditions. It reported sales of $2.7 billion, in line with the FactSet consensus of $2.7 billion, but down from $2.9 billion in the year-earlier period. It reported adjusted earnings per share of 16 cents, above the FactSet consensus of 12 cents.


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