Flat profit at Depot


Office Depot has reported a flat Q1, as a strong retail performance in the US and Canada was offset by a sluggish performance in its business service and overseas operations.

Q1 earnings came in at $115.3 million, or EPS of $0.37, from $114.9 million, or EPS of $0.37, a year earlier.

Sales edged up 2.4 per cent to $3.7 billion from $3.61 billion, while same-store sales rose 1 per cent at the North American retail unit.

Steve Odland, who was appointed the company’s chairman and CEO in March, said in a statement that he saw great opportunities for global expansion.

"I think we’ve got the opportunity to add more stores," he says. "Clearly we’re nowhere near saturation in our store build-out."