WASHINGTON (dpa-AFX) - The ODP Corporation (ODP) Wednesday reported net loss from continuing operations of $29 million or $0.97 per share for the first quarter, compared with net income from continuing operations of $31 million or $0.83 per share in the same quarter a year ago, primarily driven by lower sales in both its consumer and business-to-business divisions.
Excluding one-time items, the company posted earnings of $32 million or $1.06 per share, lower than $50 million or $1.31 per share last year.
Operating loss was $32 million compared with profit of $41 million a year ago. Adjusted operating income was down at $54 million from $66 million.
Sales for the quarter decreased 9% to $1.699 billion from $1.869 billion in the previous year.
Looking ahead, Gerry Smith, Chief Executive Officer of The ODP Corporation said, 'Through our recently announced partnership with a leading hospitality management company, we're laying the foundation to serve the over 15,000 members within this buying group, and we are having positive discussions with other major industry participants. We believe our progress has us on track to begin driving more meaningful results in the hospitality segment beginning in the second half of this year.'
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