Office Depot, Inc. (NYSE: ODP), a leading global provider of
office supplies and services, today announced results for the
fiscal quarter ended September 28, 2013.
THIRD QUARTER RESULTS1
Total Company sales for the third quarter of 2013 were $2.6
billion, down 3% compared to the third quarter of 2012 in both U.S.
dollars and in constant currency.
The Company reported net income, after preferred stock
dividends, of $133 million or $0.41 per diluted share in the third
quarter of 2013, compared to a net loss, after preferred stock
dividends, of $70 million or $0.25 per share in the third quarter
of 2012.
- Third quarter 2013 results included a
$381 million pre-tax gain on the sale of our investment in the
Mexican joint venture (JV), as well as $138 million in income tax
expense driven largely by the JV sale. The quarter also included a
$22 million preferred stock redemption dividend, and approximately
$93 million of pre-tax charges. The charges were comprised
primarily of $44 million in goodwill impairment triggered by the JV
sale, $40 million in merger and certain shareholder-related
expenses, $4 million in restructuring activities, and $5 million in
non-cash store impairment charges in the North American Retail
Division. Excluding the items above, adjusted net income for the
third quarter of 2013, after preferred stock dividends, was $5
million or $0.02 per share.
- The prior year third quarter results
included approximately $96 million of pre-tax charges, consisting
of $88 million in asset impairment charges and $8 million in
restructuring and other charges. Excluding these items, third
quarter 2012 net income, after preferred stock dividends, was $18
million or $0.06 per share.
“Although we experienced some weakness in July, we had a
relatively strong back-to-school season this year as evidenced by
sales increases in our school supplies categories and K-12
education customers,” said Neil Austrian, Chairman and Chief
Executive Officer of Office Depot. “I’m pleased that we were able
to deliver these results while continuing to make progress with the
integration planning for the pending merger with OfficeMax.”
Total Company gross profit margin decreased 45 basis points in
the third quarter of 2013 compared to the prior year period, with
decreases in the North American Retail and International Divisions
partially offset by an increase in the North American Business
Solutions Division.
Total Company operating expenses decreased by $33 million in the
third quarter of 2013 compared to the prior year period. When
adjusted for merger and certain shareholder-related expenses and
impairment and restructuring charges, total Company operating
expenses decreased by $30 million versus the prior year period.
Third quarter 2013 adjusted earnings before interest and taxes
(EBIT), which excludes the gain on sale of our Mexican JV, charges
related to goodwill impairment, merger and certain
shareholder-related expenses, restructuring activities, and store
asset impairment charges, was $42 million, compared to adjusted
EBIT of $54 million last year in the same quarter. The third
quarter 2012 results included $11 million of miscellaneous income
generated by the Mexican JV.
Income tax expense of $155 million in the third quarter of 2013
includes $146 million of income tax expense resulting from the gain
on the sale of the Mexican JV, as well as the continuing impact of
valuation allowances and the timing of earnings within various tax
jurisdictions.
The Company ended the third quarter of 2013 with a use of free
cash flow of $58 million, compared to positive free cash flow of
$190 million in the prior year period. The use of cash in the third
quarter of 2013 includes the income taxes noted above from the
Mexican JV sale as well as $9 million in payments of merger and
certain shareholder-related expenses.
1 Includes non-GAAP information. Additional information is
provided in our Form 10-Q for the fiscal quarter ended September
28, 2013. Reconciliations from GAAP to non-GAAP financial measures
can be found in this release, as well as on our Investor Relations
website at http://investor.officedepot.com.
THIRD QUARTER DIVISION RESULTS
North American Retail Division
The North American Retail Division reported third quarter 2013
sales of $1.1 billion, a decrease of 4% compared to the prior year
period.
Comparable store sales in the 1,063 stores that have been open
for more than one year decreased 2% for the third quarter of 2013.
Ink and toner sales were down in the quarter, partially impacted by
higher sales from certain vendor promotions in the prior year.
Certain technology and related category sales were lower in the
third quarter, but sales of tablets and mobility products
increased. Compared to the prior year period, paper and printer
sales were down and were impacted by lower average selling prices,
Copy and Print Depot and school supplies increased, and furniture
sales were down. Average order value was down approximately 1% in
the quarter and customer transaction counts declined about 2%
compared to the same period last year.
The North American Retail Division reported operating income of
$10 million in the third quarter of 2013, compared to an operating
loss of $52 million in the prior year period. The Division
operating income/loss included charges of $5 million and $74
million in the third quarter of 2013 and 2012, respectively, which
were driven by non-cash store asset impairments and restructuring
activities. Excluding the charges, third quarter 2013 adjusted
operating income was $15 million, compared to $22 million in third
quarter 2012. The $7 million year-over-year decrease resulted
primarily from the negative flow-through impact of lower sales and
a 58 basis point gross margin decrease, partially offset by
initiative-driven expense reductions including payroll,
professional fees, advertising, and general & administrative
expenses.
At the end of the third quarter of 2013, Office Depot operated
1,104 stores in the U.S. and Puerto Rico. The North American Retail
Division opened two new stores and closed seven during the third
quarter of 2013.
North American Business Solutions Division
The North American Business Solutions Division reported third
quarter 2013 sales of $811 million, a 2% decrease compared to the
prior year period.
Contract channel sales in the third quarter of 2013 were down
low-single digits versus the prior year period. The decline was
driven primarily by the restructuring and relocation of the
technology sales organization and sales to federal customers, who
continue to experience significant budgetary constraints. The
private sector experienced sales softness, particularly within
large and enterprise accounts. Sales improved year over year in the
public sector, driven by education, state, and local accounts. In
the Direct channel, third quarter 2013 sales were flat compared to
the prior year quarter. Online sales increased in the quarter and
sales through our catalog and call center operations continued to
decline.
The North American Business Solutions Division reported third
quarter 2013 operating income of $39 million, compared to $30
million in the same period last year. The Division operating income
included restructuring charges of $2 million in the third quarter
of 2012. Excluding the charges, the $6 million year-over-year
improvement in operating income reflects a 13 basis point gross
margin increase which was driven by margin initiatives, as well as
lower advertising, payroll, and general & administrative
expenses.
International Division
The International Division reported third quarter 2013 sales of
$681 million, a decrease of 2% in U.S. dollars and 4% in constant
currency compared to the third quarter of 2012.
European Contract sales decreased mid-single digits in third
quarter 2013 compared to the prior year period. Strategic decisions
to exit certain unprofitable customers partially contributed to the
sales declines. In the Direct channel, the rate of year-over-year
sales decline continued to improve sequentially in third quarter
2013. The Division continued to take pricing actions on ink and
toner in several markets. Retail sales in the quarter were down
largely as a result of store closures in Sweden, partially offset
by increased sales in France.
The International Division reported operating income of $3
million in the third quarter of 2013, compared to an operating loss
of $15 million in the same period last year. The Division operating
income in the quarter included $3 million in restructuring charges,
compared to an operating loss in the third quarter of 2012 that
included $19 million of charges related to asset impairments and
restructuring activities. Excluding the charges, third quarter 2013
adjusted operating income was $6 million, compared to adjusted
operating income of $4 million in third quarter 2012. The $2
million year-over-year improvement resulted primarily from
operating expense reductions including advertising, payroll and
general & administrative expenses, offset by sales declines and
an 81 basis point gross margin decrease largely driven by the ink
and toner pricing actions.
The movement in exchange rates had a minimal impact on
International Division operating income in the third quarter of
2013 compared to the same period in 2012.
Other Matters
On July 9, 2013, the Company completed the sale of its
investment in the Mexican JV to Grupo Gigante for the Mexican Peso
amount of 8,777 million in cash, or approximately $680 million. In
the third quarter the Company recognized a $381 million pre-tax
gain on the sale as well as a $44 million goodwill impairment
related to the transaction.
At the end of the third quarter of 2013, the Company had $725
million in cash and cash equivalents on hand and $728 million
available under the Amended and Restated Credit Agreement, for a
total of approximately $1.5 billion in available liquidity.
Additional information on the Company’s third quarter results
can be found in our Form 10-Q filed with the SEC on November 5,
2013, as well as in the Investor Relations section of our corporate
website, www.officedepot.com, under the category Financial
Information.
Non-GAAP Reconciliations
Reconciliations of GAAP results to non-GAAP results are
presented in this release and also may be found on our Investor
Relations website at http://investor.officedepot.com.
About Office Depot
Office Depot provides office supplies and services through more
than 1,300 worldwide retail stores, a field sales force, top-rated
catalogs and e-commerce operations, all delivered through a global
network of wholly owned operations, licensees, franchisees and
alliance partners. Office Depot has annual sales of approximately
$10.7 billion, employs about 38,000 associates and serves customers
in 59 countries around the world.
Office Depot’s common stock is listed on the New York Stock
Exchange under the symbol ODP. Additional press information can be
found at: http://news.officedepot.com.
OFFICE DEPOT SAFE HARBOR
STATEMENT
This communication may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements or disclosures may discuss goals, intentions
and expectations as to future trends, plans, events, results of
operations or financial condition, or state other information
relating to, among other things, the Company, the merger and other
transactions contemplated by the merger agreement, based on current
beliefs and assumptions made by, and information currently
available to, management. Forward-looking statements generally will
be accompanied by words such as “anticipate,” “believe,” “plan,”
“could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,”
“may,” “possible,” “potential,” “predict,” “project,” “propose” or
other similar words, phrases or expressions, or other variations of
such words. These forward-looking statements are subject to various
risks and uncertainties, many of which are outside of the Company’s
control. There can be no assurances that the Company will realize
these expectations or that these beliefs will prove correct, and
therefore investors and shareholders should not place undue
reliance on such statements.
Factors that could cause actual results to differ materially
from those in the forward-looking statements include adverse
regulatory decisions; the risks that the combined company will not
realize the estimated accretive effects of the merger or the
estimated cost savings and synergies; the businesses of Office
Depot and OfficeMax may not be integrated successfully or such
integration may take longer, be more difficult, time-consuming or
costly to accomplish than expected; the business disruption
following the merger, including adverse effects on employee
retention; the combined company’s ability to maintain its long-term
credit rating; unanticipated changes in the markets for the
combined company’s business segments; unanticipated downturns in
business relationships with customers; competitive pressures on the
combined company’s sales and pricing; increases in the cost of
material, energy and other production costs, or unexpected costs
that cannot be recouped in product pricing; the introduction of
competing technologies; unexpected technical or marketing
difficulties; unexpected claims, charges, litigation or dispute
resolutions; new laws and governmental regulations. The foregoing
list of factors is not exhaustive. Investors and shareholders
should carefully consider the foregoing factors and the other risks
and uncertainties described in Office Depot’s and OfficeMax’s
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission. The combined
company does not assume any obligation to update or revise any
forward-looking statements.
OFFICE DEPOT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands,
except share and per share amounts) (Unaudited)
September 28, December 29, September
29, 2013 2012 2012 Assets Current
assets: Cash and cash equivalents $ 724,741 $ 670,811 $ 619,532
Receivables, net 798,147 803,944 833,895 Inventories 1,034,313
1,050,625 1,004,925 Prepaid expenses and other current assets
136,578 170,810 141,146 Total current
assets 2,693,779 2,696,190 2,599,498 Property and equipment, net
796,058 856,341 871,153 Goodwill 19,431 64,312 63,983 Other
intangible assets, net 15,010 16,789 17,272 Deferred income taxes
28,582 33,421 39,923 Other assets 98,912 343,726
358,021 Total assets $ 3,651,772 $ 4,010,779
$ 3,949,850
Liabilities and stockholders’
equity Current liabilities: Trade accounts payable $ 841,293 $
934,892 $ 867,249 Accrued expenses and other current liabilities
944,137 931,618 960,113 Income taxes payable 10,600 5,310 7,088
Short-term borrowings and current maturities of long-term debt
23,916 174,148 185,075 Total current
liabilities 1,819,946 2,045,968 2,019,525 Deferred income taxes and
other long-term liabilities 390,133 431,531 380,852 Long-term debt,
net of current maturities 471,259 485,331
486,039 Total liabilities 2,681,338 2,962,830
2,886,416 Commitments and contingencies
Redeemable preferred stock, net (liquidation preference – $203,386
in September 2013, $406,773 in December 2012 and September 2012)
193,201 386,401 386,401 Stockholders'
equity: Office Depot, Inc. stockholders’ equity: Common stock -
authorized 800,000,000 shares
of $.01 par value; issued shares –
294,991,583 in September 2013, 291,734,027 in December 2012 and
291,146,086 in September 2012 2,950 2,917 2,911 Additional paid-in
capital 1,088,595 1,119,775 1,126,787 Accumulated other
comprehensive income 259,617 212,717 213,892 Accumulated deficit
(516,196 ) (616,235 ) (608,919 ) Treasury stock, at cost –
5,915,268 shares in 2013 and 2012 (57,733 ) (57,733 )
(57,733 ) Total Office Depot, Inc. stockholders’ equity 777,233
661,441 676,938 Noncontrolling interests - 107
95 Total equity 777,233 661,548 677,033
Total liabilities and equity $ 3,651,772 $ 4,010,779
$ 3,949,850
OFFICE DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share
amounts)
(Unaudited)
13 Weeks Ended 39 Weeks Ended September
28, September 29, September 28,
September 29, 2013 2012 2013
2012 Sales $ 2,619,448 $ 2,692,933 $ 7,756,327 $
8,072,892 Cost of goods sold and occupancy costs 1,986,705
2,030,261 5,917,618
6,143,621 Gross profit 632,743 662,672 1,838,709 1,929,271
Operating and selling expenses 451,760 464,709 1,341,504
1,393,617 Recovery of purchase price ― ― ― (68,314 ) Asset
impairments 48,719 87,998 58,381 129,753 General and administrative
expenses 144,847 165,065 455,070 510,272 Merger and certain
shareholder-related expenses 39,740 ―
71,564 ― Operating loss (52,323 ) (55,100 ) (87,810 )
(36,057 ) Other income (expense): Interest income 1,012 482
1,422 1,804 Interest expense (15,359 ) (16,947 ) (48,471 ) (49,128
) Loss on extinguishment of debt ― ― ― (12,110 ) Gain on
disposition of joint venture 380,813 ― 381,541 ― Miscellaneous
income, net 1,318 13,073 14,192
26,019 Earnings (loss) before income
taxes 315,461 (58,492 ) 260,874 (69,472 ) Income tax expense
154,561 3,433 160,823
341 Net earnings (loss) 160,900 (61,925 )
100,051 (69,813 )
Less: Net earnings (loss) attributable to
the noncontrolling interests
―
(9
)
12
(18
)
Net earnings (loss) attributable to Office Depot, Inc.
160,900 (61,916 ) 100,039
(69,795 ) Preferred stock dividends 28,039
7,650 48,378 22,765
Net earnings (loss) available to common stockholders $
132,861 $ (69,566 ) $ 51,661 $ (92,560 ) Net
earnings (loss) per share: Basic $ 0.42 $ (0.25 ) $ 0.18 $ (0.33 )
Diluted $ 0.41 $ (0.25 ) $ 0.18 $ (0.33 ) Weighted average
number of common shares outstanding Basic 283,631 280,238
281,906
279,438 Diluted 334,243 280,238
281,906
279,438
OFFICE DEPOT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands)
(Unaudited)
39 Weeks Ended September 28,
September 29, 2013 2012 Cash flows
from operating activities: Net earnings (loss) $ 100,051 $
(69,813 ) Adjustments to reconcile net earnings (loss) to net cash
provided by (used in) operating activities: Depreciation and
amortization 144,520 151,074 Charges for losses on inventories and
receivables 41,964 48,814 Loss on extinguishment of debt ― 13,377
Recovery of purchase price ― (58,049 ) Pension plan funding ―
(58,030 ) Asset impairments 58,381 129,753 Gain on disposition of
joint venture (381,541 ) ― Changes in working capital and other
(83,172 ) (73,033 ) Net cash provided by (used in)
operating activities (119,797 ) 84,093
Cash flows from investing activities: Capital expenditures
(94,315 ) (88,716 ) Recovery of purchase price ― 49,841 Restricted
cash (789 ) ― Release of restricted cash ― 8,570 Proceeds from the
sale of joint venture 674,826 ― Proceeds from assets sold and other
1,721 31,373 Net cash provided by
investing activities 581,443 1,068
Cash flows from financing activities: Proceeds from
exercise of stock options 1,079 1,379 Tax benefit from employee
share-based exercises 6,420 ― Share transactions under employee
related plans (2,810 ) (218 ) Redemption of redeemable preferred
stock (203,386 ) ― Preferred stock dividends (43,277 ) ― Payment
for noncontrolling interests (597 ) (551 ) Loss on extinguishment
of debt __ (13,377 ) Debt related fees __ (8,012 ) Debt retirement
(150,000 ) (250,000 ) Debt issuance __ 250,000 Net payments on
other long- and short-term borrowings (17,261 )
(17,881 ) Net cash used in financing activities (409,832 )
(38,660 )
Effect of exchange rate changes on cash
and cash equivalents 2,116 2,350
Net increase in cash and cash equivalents 53,930 48,851 Cash
and cash equivalents at beginning of period 670,811
570,681 Cash and cash equivalents at end of period $
724,741 $ 619,532
OFFICE DEPOT, INC.
GAAP to Non-GAAP
Reconciliations
(Unaudited)
We report our results in accordance with
accounting principles generally accepted in the United States
(“GAAP”). We also review certain financial measures excluding
impacts of transactions that are beyond our core operations
(“non-GAAP”). A reconciliation of GAAP financial measures to
non-GAAP financial measures and the limitations on their use may be
accessed in the “Investor Relations” section of our corporate
website, www.officedepot.com. Certain portions of
those reconciliations are provided in the following tables.
(In millions, except per share
amounts)
Q3
2013
GAAP
% ofSales
Charges/Credits
Non-GAAP
% ofSales
Gross profit $ 632.7 24.2 % $ - $ 632.7 24.2 % Operating expenses $
685.0 26.2 % $ 92.6 $ 592.4 22.6 % Operating income (loss) $ (52.3
) (2.0 )% $ (92.6 ) $ 40.3 1.5 % Net earnings (loss) attributable
to common
stockholders
$ 132.9 5.1 % $ 128.2
$ 4.7 0.2 % Diluted earnings (loss) per share $ 0.41
$ 0.39 $ 0.02
Q3
2012
GAAP
% ofSales
Charges/Credits
Non-GAAP
% ofSales
Gross profit * $ 662.7 24.6 % $ - $ 662.7 24.6 % Operating expenses
* $ 717.8 26.7 % $ 95.6 $ 622.2 23.1 % Operating income (loss) $
(55.1 ) (2.0 )% $ (95.6 ) $ 40.5 1.5 % Net earnings (loss)
attributable to common
stockholders
$ (69.6 ) (2.6 )% $ (87.6 ) $
18.0 0.7 % Diluted earnings (loss) per share $ (0.25 ) $
(0.31 ) $ 0.06
YTD
2013
GAAP
% ofSales
Charges/Credits
Non-GAAP
% ofSales
Gross profit $ 1,838.7 23.7 % $ - $ 1,838.7 23.7 % Operating
expenses $ 1,926.5 24.8 % $ 148.0 $ 1,778.5 22.9 % Operating income
(loss) $ (87.8 ) (1.1 )% $ (148.0 ) $ 60.2 0.8 % Net earnings
(loss) attributable to common
stockholders
$ 51.7 0.7 % $ 73.5
$ (21.9 ) (0.3 )% Diluted earnings (loss) per share $ 0.18
$ 0.26 $ (0.08 )
YTD
2012
GAAP
% ofSales
Charges/Credits
Non-GAAP
% ofSales
Gross profit * $ 1,929.3 23.9 % $ - $ 1,929.3 23.9 % Operating
expenses * $ 1,965.4 24.3 % $ 106.6 $ 1,858.8 23.0 % Operating
income (loss) $ (36.1 ) (0.4 )% $ (106.6 ) $ 70.5 0.9 % Net
earnings (loss) attributable to common
stockholders
$ (92.6 ) (1.1 )% $ (100.3 ) $
7.7 0.1 % Diluted earnings (loss) per share $ (0.33 ) $
(0.36 ) $ 0.03
* Gross profit and Operating expenses for Q3 2012 and YTD 2012
have been adjusted by $172.0 million and $534.7 million,
respectively, related to the impact of the change in accounting
principle of presenting shipping and handling expenses in Operating
expenses to presenting such expenses in Costs of goods sold and
occupancy costs.
OFFICE DEPOT, INC.
GAAP to Non-GAAP
Reconciliations
(Unaudited) (Continued)
Q3 2013 Q3 2012 Cash Flow Summary Net
cash provided by (used in) operating activities $ (25.6 ) $ 215.9
Net cash provided by (used in) investing activities 648.1 (15.5 )
Net cash provided by (used in) financing activities (376.1 ) (6.5 )
Effect of exchange rate changes on cash and cash equivalents
6.4 3.0 Net increase (decrease) in cash and
cash equivalents $ 252.8 $ 196.9
Free Cash
Flow Net cash provided by (used in) operating activities $
(25.6 ) $ 215.9 Less: Capital expenditures 32.0
26.2 Free Cash Flow $ (57.6 ) $ 189.7
Cash Flow Before Financing Activities Net increases
(decrease) in cash and cash equivalents $ 252.8 196.9 Less: Net
cash provided by (used in) financing activities (376.1 )
(6.5 ) Cash Flow Before Financing Activities $ 628.9
$ 203.4
YTD 2013 YTD 2012 Cash Flow
Summary Net cash provided by (used in) operating activities $
(119.8 ) $ 84.1 Net cash provided by (used in) investing activities
581.4 1.1 Net cash provided by (used in) financing activities
(409.8 ) (38.7 ) Effect of exchange rate changes on cash and cash
equivalents 2.1 2.4 Net increase
(decrease) in cash and cash equivalents $ 53.9 $ 48.9
Free Cash Flow Net cash provided by (used in)
operating activities $ (119.8 ) $ 84.1 Less: Capital expenditures
94.3 88.7 Free Cash Flow $ (214.1 ) $
(4.6 )
Cash Flow Before Financing Activities Net
increases (decrease) in cash and cash equivalents $ 53.9 $ 48.9
Less: Net cash provided by (used in) financing activities
(409.8 ) (38.7 ) Cash Flow Before Financing Activities $
463.7 $ 87.6
Free cash flow is calculated as net cash provided by (used in)
operating activities less capital expenditures.
Cash flow before financing activities is calculated as the net
increase (decrease) in cash and cash equivalents less net cash
provided by (used in) financing activities.
OFFICE DEPOT, INC.
DIVISION INFORMATION
(Unaudited)
North American
Retail Division
Third Quarter Year to Date
(Dollars in
millions)
2013 2012
2013 2012
Sales $ 1,127.8 $ 1,173.7 $ 3,211.1 $ 3,387.1 % change (4)%
(5)% (5)% (7)% Division operating income (loss)* $ 10.2 $
(52.0 ) $ (2.7 ) $ (84.4 ) % of sales 0.9% (4.4)% (0.1)% (2.5)%
North American
Business Solutions Division
Third Quarter Year to Date
(Dollars in
millions)
2013 2012 2013 2012 Sales $
811.2 $ 827.4 $ 2,407.8 $ 2,451.5 % change (2)% 1% (2)% 1%
Division operating income (loss)* $ 38.8 $ 30.4 $ 94.9 $ 72.0 % of
sales 4.8% 3.7% 3.9% 2.9%
International
Division
Third Quarter Year to Date
(Dollars in
millions)
2013 2012 2013 2012 Sales $
680.5 $ 691.9 $ 2,137.4 $ 2,234.3 % change (2)% (12)% (4)% (9)% %
change in constant currency (4)% (4)% (6)% (3)% Division
operating income (loss)* $ 2.6 $ (14.6 ) $ (3.8 ) $ (25.8 ) % of
sales 0.4% (2.1)% (0.2)% (1.2)%
* Divisions operating income (loss) for Q3 2012 and YTD
2012 have been updated to conform to the Company’s measure of
business segment adopted in Q1 2013. This change in Division
operating income (loss) had no impact on Consolidated operating
income (loss). For reconciliation of Division operating income
(loss) reported above to amounts reported prior to Q1 2013, refer
to Earnings Release filed with the United States Securities and
Exchange Commission on April 30, 2013 and available in the investor
relations section of our web site at www.officedepot.com/.
OFFICE DEPOT, INC.
SELECTED FINANCIAL AND OPERATING
DATA
(Unaudited)
Selected Operating Highlights 13 Weeks Ended
39 Weeks Ended
September 28,2013
September 29,2012
September 28,2013
September 29,2012
Store Statistics United States: Store count: Stores opened 2
1 5 2 Stores closed 7 4 13 19 Stores relocated 4 5 9 13 Total U.S.
stores 1,104 1,114 1,104 1,114 North American Retail
Division square footage: 25,001,724 25,909,234 Average square
footage per NAR store 22,646 23,258 International Division
company-owned: Store count: Stores opened - 1 1 4 Stores closed 2 1
3 1 Total International Division company-owned stores 121 134 121
134
Office Depot, Inc.Richard Leland, 561-438-3796Investor
Relationsrichard.leland@officedepot.comorBrian Levine,
561-438-2895Public Relationsbrian.levine@officedepot.com
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