WASHINGTON (dpa-AFX) - Office Depot Inc. (ODP) reported that its net loss attributable to the company for the second quarter of 2015 was $58 million or $0.11 per share, narrower than $190 million or $0.36 per share in the comparable quarter last year.
Adjusted net income attributable to Office Depot, Inc. for the second quarter of 2015 was $32 million or $0.06 per share, compared to loss of $12 million or $0.02 per share, in the second quarter of 2014. Analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.
Total sales for the latest second quarter were $3.44 billion, compared with $3.84 billion in the prior-year quarter, a decrease of 10%. Total adjusted sales in the second quarter of 2015 declined 3% compared to the prior year period, excluding the impact of foreign currency translation, U.S. retail store closures, and sales from the company's interest in the Grupo OfficeMax joint venture which was sold in August 2014. Wall Street analysts had a consensus revenue estimate of $3.50 billion.
Office Depot continues to expect total company sales in 2015 to be lower than 2014, primarily due to its decision to close certain stores, the negative impact of currency translation, business disruption from the announcement of the pending acquisition by Staples, and continued challenging market conditions.
Additionally, in 2015 the company estimates it will incur approximately $100 million of expenses related to the pending acquisition by Staples, primarily consisting of employee retention costs and advisory fees, $49 million of which were incurred in the first half of 2015.
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