Office Depot has announced worldwide revenues up 3 per cent for 2004. Third quarter results to 25 September 2004 showed total company sales of $3.3 billion, a 3 per cent increase compared to the third quarter of 2003. For the first nine months of 2004, sales grew by 11 per cent compared to the first nine months of 2003.
Operating profit for the third quarter was $135 million, representing a 5 per cent decrease compared to the same period in 2003. Higher segment operating profits from North American Retail and the Business Services Group were more than offset by increased general and administrative expenses and North American Retail store pre-opening costs. Operating profit for the first nine months of the year was $430 million, an increase of 12% compared to the same period in 2003.
Neil Austrian, Office Depot's chairman and CEO, said: "Our third quarter was challenging on many fronts. Softening in our European business, disruptions associated with several hurricanes in the US and lower than expected back-to-school sales combined to negatively impact our financial performance. Despite these challenges, we improved the profitability of our North American Retail and Business Services Group segments through several on-going merchandising initiatives and a broad-based focus on expense management."
22-Oct-2004
