Depot restating earnings

4 March 2005 – Delray Beach (FL): Office Depot is to restate its results for the last three years following a change in accounting methodology.

The company is correcting its method of accounting for its real estate transactions to conform to GAAP. The changes are expected to reduce its previously reported earnings by a penny a share for each of the three years.

Depot’s EVP/CFO Charlie Brown said: "While the dollar amounts are not material to any prior year, we feel it is important that our financial statements conform to GAAP in all respects."