Office Depot Q2 Loss Sharply Widens - Quick Facts

(RTTNews) - Office Depot Inc. (ODP), a provider of technology solutions to small, medium and enterprise businesses, reported Wednesday a net loss for the second quarter of $439 million or $8.19 per share, sharply wider than $24 million or $0.43 per share in the prior-year quarter.

Excluding items, adjusted loss for the quarter was $0.07 per share, compared to adjusted earnings of $0.68 per share in the year-ago quarter.

On average, 4 analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the quarter declined 17 percent to $2.16 billion from $2.59 billion in the same quarter last year. The Street was looking for revenues of $2.12 billion for the quarter.

Looking ahead, the Company said its fiscal 2020 guidance remains withdrawn, due to the continued uncertainty of the severity and duration of the impacts related to the COVID-19 outbreak.

The Company had withdrawn its previously issued 2020 guidance on May 6, 2020, due to the global business disruption and uncertainty caused by the COVID-19 pandemic.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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