Office Depot Inc (NASDAQ:ODP) has released its earnings report for the fourth quarter of 2016.
Here are some things to know about Office Depot Inc’s earnings report for the fourth quarter of the year.
- The company reported earnings per share of 11 cents for the fourth quarter of 2016.
- This is an increase over its earnings per share of 6 cents from the same time last year.
- It also came in one penny above Wall Street’s earnings per share estimates for the quarter.
- Office Depot Inc reported revenue of $2.73 billion in the fourth quarter of the year.
- Revenue reported by the office supply retailer in the fourth quarter of 2015 was $2.77 billion.
- Analysts were expecting ODP to report revenue of $2.71 billion during the fourth quarter of 2016.
- Operating income reported by Office Depot Inc in the fourth quarter of the year was $57 million.
- Operating income from the same period in the year prior was $42 million.
- Net income reported by the company in the fourth quarter of 2016 was $80 million.
- The office supply company reported net income of $15 million during the same time in 2015.
Office Depot Inc is expecting revenue for the full year of 2017 to be down when compared to 2016. It says this is due to a variety of reasons. One of these reasons is that it is closing 75 stores in 2017. It also notes that there will be one less selling week when compared to 2016
Office Depot Inc says that contract customer losses from the previous year will also negatively affect its revenue for 2017. One top of this, the office supply retailer is expecting continued challenging market conditions in 2017.
ODP stock was up 13% as of noon Wednesday.
