Tuesday, May 6, 2014

Office Depot releases first financials since merger with Office Max

The New Office Depot formed by the merger of Office Depot and OfficeMax back in November of 2013, today announced results for the first quarter ended March 29, 2014.  Office Depot announced Quarterly Sales of 4.3 billion, compared to sales of 2.7 billion in the same quarter of last year.  Gross Profit was 1 billion, compared to 660 million in the same quarter of last year.  Quarterly Net Loss was 108 million, compared to 7 million, mainly because of the merger expenses.  The first quarter 2014 operating loss included special charges totaling $151 million, which were comprised of $96 million in merger-related expenses, $41 million in non-cash IT-related impairment charges, $9 million in non-cash store impairment charges, and $5 million in International restructuring and other operating expenses.  Here is Office Depot's SEC Filing.