Palm Beach Post Staff and Wire Reports
Thursday, April 26, 2007
Office supplies and services retailer Office Depot Inc. (NYSE: ODP, $36.50) said today that its first-quarter profit rose 20 percent, boosted by a jump in international sales and some modest growth in North America.
Quarterly earnings increased to $155.8 million, or 56 cents per share, from $129.5 million, or 43 cents per share, during the same period last year. Revenue grew 7 percent to $4.09 billion from $3.82 billion.
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"We are pleased that we have a business model that generates profitable growth even in a challenging quarter," Steve Odland, the company's chairman and CEO, said in a statement.
The company said international sales rose 21 percent, fueled by new accounts and greater sales to existing customers within the division's contract business.
Sales in North America, however, grew at a more moderate pace of 3 percent.
Office Depot said the launch of the Microsoft Windows Vista operating system, while its inventories of personal computers were low, depressed results early in the quarter.
Weaker spending by small business customers pressured returns later in the period, the company said.
"Sales in the second quarter may be similarly affected if the current business conditions persist in North America," Odland said. "However, we will continue to manage our business to optimize profitable growth."
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