WASHINGTON (dpa-AFX) - Office Depot, Inc. (ODP) said the company will be providing an update on the 2011 Back-to-School season performance and North American Retail results quarter-to-date through August.
Kevin Peters, president of North America, stated, 'Our Back-to-School sales and gross margin are both up over 150 basis points through August compared to the prior year. The reasons why we are performing better in Back-to-School this year include launching our effort earlier compared to prior years, a better assortment, improved supplies displays and trendier products. If we look at product categories, supplies have performed well to date for Back-to-School.'
'If we look at our total North American Retail business results quarter-to-date through August, comparable sales are down 2%. Quarter-to-date through August, the North American Retail gross margin is up nearly 100 basis points compared to the same period last year and operating profit is on track to be up slightly versus prior year as projected in July', Peters added.
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