Office Depot to close 400 U.S. stores, shares jump - News and Current Events | futures io social day trading
futures io futures trading


Office Depot to close 400 U.S. stores, shares jump
Updated: Views / Replies:139 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Office Depot to close 400 U.S. stores, shares jump

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

Office Depot to close 400 U.S. stores, shares jump

Office Depot Inc (ODP.N) said it would close at least 400 stores in the United States over two years as it looks to consolidate operations after acquiring OfficeMax, and the company raised its forecast for full-year adjusted operating income.

Shares of Office Depot, which also reported better-than-expected quarterly results, rose as much as 20 percent in early trading. The stock was among the highest percentage gainers on the New York Stock Exchange on Tuesday.

"This stock looks to be a beat and raise story throughout 2014," Janney Capital Markets analyst David Strasser wrote in a note, implying Office Depot was being cautious in its forecast.

The closure of the 400 stores will start adding to profit in 2015 and is expected to lead to annual run-rate savings of at least $75 million by the end of 2016, Office Depot Chief Executive Roland Smith said.

Office Depot and rival Staples Inc (SPLS.O) have been struggling with declining sales in the United States as shoppers shift their office supply purchases to e-retailers, mass merchants and drugstores.

Staples said in March that it would close 225 stores in the United States and Canada, about 12 percent of its North America outlets, and the company forecast another quarter of sales declines.

Office Depot said on Tuesday that it would shut 150 stores this year. The company said last month that it would close 19 OfficeMax stores in Canada.

At the end of 2009, Office Depot and OfficeMax combined had about 2,085 stores in North America, which will drop to about 1,500 stores in the United States by 2016 after the closures.

Office Depot's North America retail same-store sales fell 3 percent in the first quarter ended March 29.

However, the business seems to have improved from the fourth quarter, despite extremely cold weather in the first quarter, B. Riley & Co analyst Scott Tilghman said.

"Same-store sales were down 4 percent last quarter so (this is) definitely a move in the right direction ... despite all of the headwinds," he said.

Office Depot Chief Financial Officer Stephen Hare said the North America business benefited from higher sales of copy and print services, but was hurt by a decline in sales of supplies, furniture and technology-related products.

Tilghman also said that Office Depot might become more aggressive in adding products and services to arrest the fall in sales.

Staples said in March that it would refresh about 20 percent of the products in its stores, adding new items such as storage solutions and maintenance repair and operations items.

Office Depot raised its full-year adjusted operating income forecast to at least $160 million from $140 million.

The company posted a first-quarter net loss of $109 million, or 21 cents per share, attributable to common stockholders. A year earlier, Office Depot had a net loss of $17 million, or 6 cents per share.

The company earned 7 cents per share, excluding items.

Including OfficeMax operations, sales were $4.35 billion. Office Depot alone had sales of $2.72 billion a year earlier.

Analysts on average had expected a profit of 3 cents per share on sales of $4.28 billion, according to Thomson Reuters

Office Depot to close 400 U.S. stores, shares jump | Reuters

Reply With Quote

Reply



futures io > > > > Office Depot to close 400 U.S. stores, shares jump

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
RadioShack to close about 500 stores: WSJ kbit News and Current Events 0 February 5th, 2014 08:57 PM
OfficeMax, Office Depot in Merger Talks: Report Quick Summary News and Current Events 0 February 18th, 2013 07:40 PM
Knight Close to Deal to Raise $400 Million From Investors Quick Summary News and Current Events 0 August 5th, 2012 04:50 PM
Office Depot tests PayPal's new point-of-sale system kbit News and Current Events 0 January 22nd, 2012 02:47 PM
In the Wake of Poor Sales, Sears to Close 100-120 Stores Quick Summary News and Current Events 0 December 27th, 2011 09:20 AM


All times are GMT -4. The time now is 11:03 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-18 in 0.07 seconds with 19 queries on phoenix via your IP 54.226.113.250