Domestic comps boost Depot

10 February 2005 – Delray Beach (FL): Boosted by strong North American retail sales, Office Depot has posted a rise in its Q4 profit.

Net income for the quarter reached $52.8 million, or EPS of $0.17, compared to $46.8 million, or EPS of $0.15, registered a year ago. Total sales grew 7 per cent to $3.5 billion, with global comp sales up 2 per cent.

Depot’s North American retail division performed particularly impressively in Q4, with same-store sales up 4 per cent.

Looking back over the past year, Chairman/CEO Neil Austrian said: "On balance, 2004 was a good year for Office Depot. We improved both the sales and profitability of North American retail. Profitability increased in the business services group, although sluggish catalogue sales held back our overall growth rate. International earnings grew over last year, but the sales contribution from the Guilbert acquisition fell short of our targets."