Raises Estimate of Annual Synergies to More
Than $600 Million
Expects 2014 Adjusted Operating Income of Not
Less Than $140 Million
Outlines 2014 Company Priorities
Office Depot, Inc. (NYSE: ODP), a leading global provider
of office products, services, and solutions formed by the
merger of Office Depot and OfficeMax Incorporated (“OfficeMax”),
today announced results for the fourth quarter and full year ended
December 28, 2013.
Merger Integration and Organizational Update
On November 5, 2013, Office Depot completed its merger
transaction with OfficeMax. Since that date, the company has been
aggressively executing its integration plan. Roland Smith, Chairman
and CEO of Office Depot, noted, “We have taken decisive steps and
made substantial progress toward executing our integration
strategy. With our leadership team now in place, we have moved
quickly to establish a lean organizational structure with the best
talent from across the legacy businesses as well as adding new
external leadership. We expect to complete a comprehensive
reorganization of the company by the end of February 2014.” Smith
continued, “Based on the team’s efforts since merger close, we have
validated and increased the expected total annual run-rate of
previously quantified cost synergies to be more than $600 million
by the end of 2016.”
Smith added, “As we look forward in 2014, our company is focused
on a number of key priorities, which include creating a lean
organization with clear roles and accountabilities, delivering our
2014 operating plan, generating targeted synergies and
efficiencies, and defining our vision, mission, and long-term
global growth strategy. Our management team will be focused on
improving profitability and return on invested capital. For 2014,
we are committed to delivering not less than $140 million of
adjusted operating income.”
Consolidated Results
The company’s fourth quarter and full year 2013 results include
OfficeMax’s operations from the date of the merger through December
28, 2013 (the “stub period”), which generated $939 million of
sales.
Reported (GAAP) Results
Total sales for the fourth quarter of 2013 increased 33% to $3.5
billion compared to the fourth quarter of 2012. Sales were $11.2
billion in the full year 2013, an increase of 5% compared to the
prior year.
For the fourth quarter of 2013, Office Depot reported an
operating loss of $118 million compared to operating income of $5
million in the fourth quarter of 2012, and a net loss attributable
to common stockholders of $144 million, or $0.34 per share,
compared to a net loss of $17 million, or $0.06 per diluted share
in the fourth quarter of 2012. The reported results include
merger-related expenses, asset impairment and other charges.
For the full year 2013, Office Depot reported an operating loss
of $205 million compared to an operating loss of $31 million in the
full year 2012, and a net loss attributable to common stockholders
of $93 million, or $0.29 per share, compared to a net loss of $110
million, or $0.39 per share in the full year 2012.
Adjusted (non-GAAP) Results
The fourth quarter of 2013 included operating income charges
totaling $123 million, which were comprised of approximately $108
million in merger-related expenses, $12 million in non-cash store
impairment charges, and $3 million in restructuring costs and
severance. The tax effect of these pretax charges was $15 million.
Additionally, the quarter included $22 million in expenses related
to the redemption of preferred stock.
Excluding the items above, adjusted operating income for the
fourth quarter of 2013 was $5 million compared to adjusted
operating income of $26 million in the fourth quarter of 2012, and
the adjusted net loss attributable to common stockholders was $14
million, or $0.03 cents per share, compared to adjusted net income
of $1 million, or zero cents per share in the fourth quarter of
2012.
For the full year 2013, adjusted operating income of $66 million
compared to adjusted operating income of $97 million in the full
year 2012, and an adjusted net loss attributable to common
stockholders of $36 million, or $0.11 per share, compared to
adjusted net income of $9 million, or $0.03 per share in the full
year 2012.
As noted earlier, fourth quarter and full year 2013 financial
information presented in this release includes the OfficeMax stub
period since the merger date. As a result, current year results are
not comparable to prior periods. The tables below include Office
Depot sales growth comparisons as reported and excluding the stub
period. Certain preliminary consolidated pro forma income statement
information for full year 2013, which combines Office Depot and
OfficeMax operations assuming the merger closed at the end of
fiscal 2012, will be available on the Investor Center page of our
website at investor.officedepot.com.
Consolidated (in
millions, except per-share amounts)
4Q13 4Q12 FY13
FY12 Sales
$3,486
$2,623 $11,242
$10,696 Sales growth from prior year period
32.9%
5.1% Sales decline from prior year
period (excluding OfficeMax stub period)
(2.9)% (3.7)%
Gross profit
$787
$607 $2,626
$2,536 Gross profit margin
22.6%
23.1% 23.4%
23.7% Adjusted operating income*
$5 $26 $66
$97 Adjusted operating income margin*
0.2% 1.0%
0.6% 0.9% Adjusted net income/(loss)
attributable to common stockholders*
$(14) $1 $(36)
$9 Adjusted net earnings/(loss) per common
share*
$(0.03)
$0.00 $(0.11)
$0.03
*Includes non-GAAP information. Reconciliations from GAAP to
non-GAAP financial measures can be found in this release, as well
as on our Investor Relations website at investor.officedepot.com.
Additional information is provided in our Form 10-K for the fiscal
year ended December 28, 2013.
Divisional Results
Following the merger with OfficeMax, divisional reporting was
aligned to the three divisions historically utilized by Office
Depot: North American Retail, North American Business Solutions and
International. The former OfficeMax U.S. Retail business is
included in North American Retail, the former OfficeMax U.S.
Contract and Canada businesses are included in Business Solutions,
and the former OfficeMax businesses in Australia, New Zealand and
Mexico are included in International.
Also, during the fourth quarter of 2013, the company modified
its measure of divisional operating income to exclude the impact of
asset impairments, restructuring-related activities, and certain
other charges and credits. These activities now are managed at the
corporate level. The fourth quarter 2013 results, as well as the
2012 comparisons in this release, reflect these reporting changes.
These changes did not impact consolidated operating income (loss),
net income (loss), or earnings (loss) per share for the respective
periods.
North American Retail Division
North American Retail Division sales in the fourth quarter of
2013 increased 31% to $1.4 billion compared to the fourth quarter
of 2012, primarily reflecting $384 million of sales from the
OfficeMax stub period. Same-store sales decreased 4% primarily due
to lower average order values, and lower transaction counts
resulting from decreased store traffic.
North American Retail (in
millions)
4Q13
4Q12 FY13 FY12
Sales
$1,403
$1,071 $4,614
$4,458 Sales growth from prior year period
31.0% 3.5%
Same-store sales decline from prior year
period (excluding OfficeMax stub period)
(4.0)% (3.7)%
Division operating income/(loss)
$(8) $(8)
$8 $24 Division operating income margin
(0.6)% (0.8)%
0.2% 0.5%
The Division operating loss was $8 million, or 0.6% of sales, in
the fourth quarter of 2013 compared to the same loss of $8 million,
or 0.8% of sales, in the fourth quarter of 2012. The fourth quarter
2013 results reflected the negative flow-through impact of lower
sales and an unfavorable inventory adjustment, offset by a decrease
in selling, general, and administrative expenses including payroll
and legal, and the positive impact of the OfficeMax stub
period.
Office Depot ended 2013 with a total of 1,912 retail stores in
the North American Retail Division, comprised of 1,089 Office Depot
branded locations and 823 OfficeMax branded locations. During the
fourth quarter of 2013, the company closed 16 Office Depot stores
and seven OfficeMax stores, and opened one store under each
brand.
North American Business Solutions
Division
Business Solutions Division sales increased 54% to $1.2 billion
in the fourth quarter of 2013 compared to the prior year period,
primarily reflecting $422 million of sales from the OfficeMax stub
period.
Business Solutions (in
millions)
4Q13
4Q12 FY13 FY12
Sales
$1,173
$763
$3,580 $3,215 Sales
growth from prior year period
53.6%
11.4%
Sales decline from prior year period (excluding OfficeMax
stub period)
(1.7)%
(1.8)% Division
operating income
$16
$33 $113 $110
Division operating income margin
1.4%
4.4% 3.2%
3.4%
Division operating income was $16 million, or 1.4% of sales, in
the fourth quarter of 2013 compared to $33 million, or 4.4% of
sales, in the fourth quarter of 2012. The decline was driven by a
decrease in the gross margin rate, the negative flow-through impact
of lower sales, an increase in selling, general, and administrative
expense including higher legal expenses, partially offset by the
positive impact of the OfficeMax stub period.
International Division
International Division sales increased 15% to $911 million in
the fourth quarter of 2013 (an increase of 12% on a constant
currency basis) compared to the prior year period, including $133
million of sales from the OfficeMax stub period.
International (in
millions)
4Q13
4Q12 FY13 FY12
Sales
$911 $789
$3,048 $3,023 Sales
growth from prior year period
15.5%
0.8%
Sales decline in constant currency from prior year period
(excluding OfficeMax stub period)
(4.6)% (5.3)%
Division operating income
$26 $16 $34
$36 Division operating income margin
2.9% 2.1%
1.1% 1.2%
Division operating income was $26 million, or 2.9% of sales, in
the fourth quarter of 2013 compared to $16 million, or 2.1% of
sales, in the fourth quarter of 2012. The increase was driven by a
higher gross margin rate, a decrease in selling, general, and
administrative expenses including payroll and advertising expense,
and the inclusion of the OfficeMax stub period.
Office Depot ended 2013 with a total of 352 stores in the
International Division, including 144 company owned, 93 OfficeMax
joint venture locations in Mexico, and 115 stores operated by
franchisees and licensees.
Corporate and Other Results
Corporate and Other includes support staff services and certain
other expenses that are not fully allocated to the three divisions.
Unallocated operating costs were $29 million in the fourth quarter
of 2013 compared to $16 million in the fourth quarter of 2012.
Additionally, merger, restructuring and other operating expenses
and asset impairments totaling $123 million, as noted previously in
this release, are managed at the corporate level. The comparable
amount in the fourth quarter of 2012 was $21 million, consisting
largely of restructuring costs and store asset impairments.
Other income (expense) in the fourth quarter of 2013 was $8
million less than the prior year period, which included $8 million
of income from the Office Depot Mexican joint venture that was sold
in July 2013.
Balance Sheet and Cash Flow
The December 28, 2013 balance sheet includes legacy OfficeMax,
and is therefore not comparable to the prior year period. As of
December 28, 2013, Office Depot had $955 million in cash and cash
equivalents and $1.1 billion available under the Amended and
Restated Credit Agreement, for a total of approximately $2.1
billion in available liquidity. Total debt was $725 million,
excluding $859 million of non-recourse debt related to
credit-enhanced timber installment notes.
During the fourth quarter of 2013, Office Depot preferred stock
was redeemed for $216 million. A $22 million dividend was paid in
the quarter related to the redemption, which included a $12 million
premium and $10 million in liquidation preference greater than the
carrying value. At the close of the merger, OfficeMax preferred
stock was converted to OfficeMax common stock, then exchanged for
2.69 shares of Office Depot common stock. As of December 28, 2013,
Office Depot had approximately 530 million common shares
outstanding.
Outlook
For 2014, market trends are expected to remain challenging
across our product lines and distribution channels. Consequently,
Office Depot expects total company sales to be lower than 2013 pro
forma combined sales. The expense deleverage from lower sales is
expected to offset some of the merger synergies and operating
improvements anticipated during the year. The company expects to
generate adjusted operating income of not less than $140
million.
As noted earlier, the company expects to achieve total annual
run-rate cost synergies of more than $600 million by the end of
2016. Of those synergies, which currently exclude benefits of
rationalizing the U.S. retail store base, the company expects to
realize approximately $170 million during 2014, and end the year
with an annual run-rate of approximately $340 million.
The company estimates that $400 million of integration expenses
will be required during the three-year period of 2014 to 2016 to
substantially complete the integration, excluding potential costs
related to rationalizing the U.S. retail store base. Approximately
$300 million of these integration expenses are expected to be
incurred in 2014. Integration capital spending is expected to be
approximately $200-250 million during the 2014-2016 period.
In 2014, the company anticipates capital spending will
approximate $150 million, excluding up to an additional $50 million
in integration expenditures. Depreciation and amortization is
expected to be approximately $300 million.
Conference Call Information
Office Depot will host a webcast and conference call with
analysts and investors to review its fourth quarter and full year
2013 financial results today at 8:00 a.m. Eastern Time. The live
audio webcast of the conference call can be accessed via the
Internet by visiting our Investor Relations website at
investor.officedepot.com.
Non-GAAP Reconciliations and 2013 Pro-Forma
Information
Reconciliations of reported (GAAP) results to adjusted
(non-GAAP) results are presented in this release. These
reconciliations, as well as certain preliminary consolidated pro
forma income statement information for full year 2013 for the
combined legacy Office Depot and OfficeMax operations, will be
posted to the Investor Center page on our Investor Relations
website at investor.officedepot.com.
About Office Depot, Inc.
Formed by the merger of Office Depot and OfficeMax, Office
Depot, Inc. is a leading global provider of products, services, and
solutions for every workplace – whether your workplace is an
office, home, school, or car.
Office Depot, Inc. is a resource and a catalyst to help
customers work better. We are a single source for everything
customers need to be more productive, including the latest
technology, core office supplies, print and document services,
business services, facilities products, furniture, and school
essentials.
The company has combined pro forma annual sales of approximately
$17 billion, employs over 60,000 associates, and serves consumers
and businesses in 57 countries with more than 2,200 retail stores,
award-winning e-commerce sites and a dedicated business-to-business
sales organization – all delivered through a global network of
wholly owned operations, joint ventures, franchisees, licensees and
alliance partners. The company’s portfolio of leading brands
includes Office Depot, OfficeMax, OfficeMax Grand & Toy,
Viking, Ativa, TUL, Foray, and DiVOGA.
Office Depot, Inc.’s common stock is listed on the New York
Stock Exchange under the symbol ODP. Additional press information
can be found at: news.officedepot.com.
Additional information about the recently completed merger of
Office Depot and OfficeMax can be found at:
officedepotmaxmerger.com.
All trademarks, service marks and trade names of Office Depot,
Inc. and OfficeMax Incorporated used herein are trademarks or
registered trademarks of Office Depot, Inc. and OfficeMax
Incorporated, respectively. Any other product or company names
mentioned herein are the trademarks of their respective owners.
FORWARD-LOOKING STATEMENTS
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, 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 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. CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except per share
amounts)
13 Weeks 13 Weeks 52 Weeks 52 Weeks
Ended Ended Ended Ended December
December December December 28, 2013
29, 2012 28, 2013 29, 2012 Sales
$ 3,486
$ 2,623
$ 11,242 $ 10,696 Cost of
goods sold and occupancy costs 2,699 2,016
8,616 8,160 Gross profit 787 607
2,626 2,536 Selling, general and administrative expenses 782 581
2,560 2,440 Recovery of purchase price — — — (68 ) Asset
impairments 12 9 70 139 Merger, restructuring, and other operating
expenses, net 111 12 201
56 Operating income (loss) (118 ) 5 (205 ) (31 )
Other income (expense): Interest income 4 — 5 2 Interest expense
(21 ) (19 ) (69 ) (69 ) Loss on extinguishment of debt — — — (12 )
Gain on disposition of joint venture — — 382 — Other income
(expense), net — 8 14
35 Income (loss) before income taxes (134 ) (6 ) 127
(75 ) Income tax expense (benefit) (14 ) 1
147 2 Net income (loss) (120 ) (7 ) (20
) (77 ) Preferred stock dividends 24 10
73 33 Net income (loss) attributable to
common stockholders
$ (144 )
$ (17 )
$ (93 ) $
(110 ) Net earnings (loss) per share: Basic and diluted
$ (0.34 ) $ (0.06 )
$ (0.29 ) $ (0.39 )
Basic and diluted weighted average number of common shares
outstanding:
425
281
318
280
OFFICE DEPOT, INC. CONSOLIDATED BALANCE
SHEETS
(In millions, except shares and par
value)
December 28,
December 29, 2013 2012 ASSETS Current
assets: Cash and cash equivalents $ 955 $ 671 Receivables, net
1,333 804 Inventories 1,812 1,051 Prepaid expenses and other
current assets 296 171 Total current
assets 4,396 2,697 Property and equipment, net 1,309 856 Goodwill
398 64 Other intangible assets, net 113 17 Timber notes receivable
945 - Deferred income taxes 35 33 Other assets 281
344 Total assets $ 7,477 $ 4,011
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Trade accounts payable $ 1,426 $ 935 Accrued expenses
and other current liabilities 1,463 932 Income taxes payable 4 5
Short-term borrowings and current maturities of long-term debt
29 174 Total current liabilities 2,922
2,046 Deferred income taxes and other long-term liabilities 719 429
Pension and post-employment obligations, net 163 3 Long-term debt,
net of current maturities 696 485 Non-recourse debt 859
- Total liabilities 5,359
2,963 Commitments and contingencies Redeemable
preferred stock, net (liquidation preference –$407 in 2012) — 386
Noncontrolling interest in joint venture 54 — Stockholders’
equity: Office Depot, Inc. stockholders’ equity: Common stock –
authorized 800,000,000 shares of $.01 par value; issued shares –
536,629,760 in 2013 and 291,734,027 in 2012
5
3 Additional paid-in capital 2,480 1,120 Accumulated other
comprehensive income 272 213 Accumulated deficit (636 ) (616 )
Treasury stock, at cost – 5,915,268 shares in 2013 and 2012
(58 ) (58 ) Total Office Depot, Inc. stockholders’ equity
2,063 662 Noncontrolling interests 1 —
Total equity 2,064 662 Total
liabilities and stockholders’ equity $ 7,477 $ 4,011
OFFICE DEPOT, INC. CONSOLIDATED STATEMENTS
OF CASH FLOWS
(In millions)
2013 2012 Cash
flows from operating activities: Net income (loss) $ (20 ) $
(77 ) Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities: Depreciation and
amortization 209 203 Charges for losses on inventories and
receivables 59 65 Earnings from equity method investments (14 ) (30
) Loss on extinguishment of debt — 13 Recovery of purchase price —
(58 ) Pension plan funding — (58 ) Dividends received Asset
impairments 70 139 Compensation expense for share-based payments 38
14 Gain on disposition of joint venture (382 ) — Deferred income
taxes and deferred tax asset valuation allowances 8 1 Loss (gain)
on disposition of assets (3 ) (2 ) Other 5 5 Changes in assets and
liabilities: Decrease (increase) in receivables (2 ) 44 Decrease
(increase) in inventories (34 ) 53 Net decrease (increase) in
prepaid expenses and other assets (2 ) — Net decrease in trade
accounts payable, accrued expenses and other current and other
long-term liabilities
(39
)
(133 ) Total adjustments (87 ) 256 Net
cash provided by (used in) operating activities (107 )
179
Cash flows from investing activities:
Capital expenditures (137 ) (120 ) Acquired cash in merger 457 —
Proceeds from disposition of joint venture, net 675 — Return of
investment in Boise Cascade Holdings, L.L.C. 35 — Recovery of
purchase price — 50 Release of restricted cash — 9 Restricted cash
(4 ) — Proceeds from disposition of assets and other 2
31 Net cash provided by (used in) investing
activities 1,028 (30 )
Cash flows from
financing activities: Net proceeds from employee share-based
transactions 3 2 Advance received — — Payment for noncontrolling
interests — (1 ) Loss on extinguishment of debt — (13 ) Debt
retirement (150 ) (250 ) Debt issuance — 250 Debt related fees (1 )
(8 ) Redemption of redeemable preferred stock (407 ) — Dividends on
redeemable preferred stock (63 ) — Proceeds from issuance of
borrowings 23 22 Payments on long- and short-term borrowings
(45 ) (57 ) Net cash used in financing activities
(640 ) (55 )
Effect of exchange rate changes on cash and
cash equivalents 3 6
Net
increase (decrease) in cash and cash equivalents 284 100 Cash
and cash equivalents at beginning of period 671
571 Cash and cash equivalents at end of period $ 955
$ 671
OFFICE DEPOT, INC.
GAAP to Non-GAAP Reconciliation
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 not indicative of 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 on the
Investor Center page on our Investor Relations website at
investor.officedepot.com. Also, our measurement of these non-GAAP
financial measures may be different from similarly titled financial
measures used by others and therefore many not be comparable. Such
non-GAAP information should not be considered superior to the GAAP
amounts. Certain portions of those reconciliations are provided in
the following tables.
(In millions, except per share
amounts)
Reported
% of
Charges/ Adjusted
% of
Q4 2013 (GAAP)
Sales
Credits (Non-GAAP)
Sales
Gross profit $ 787 22.6 % $ — $ 787 22.6 % Operating expenses
905 26.0 % 123 782 22.4 %
Operating income (loss) $ (118 ) (3.4 )% $ (123 ) $ 5 0.1 %
Net income (loss) attributable to common
stockholders
$ (144 ) (4.1 )% $ (131 ) $ (14 ) (0.4 )% Diluted earnings
(loss) per share $ (0.34 ) $ (0.31 ) $ (0.03 )
Reported
% of
Charges/ Adjusted
% of
Q4 2012 (GAAP)
Sales
Credits (Non-GAAP)
Sales
Gross profit $ 607 23.1 % $ — $ 607 23.1 % Operating expenses
602 23.0 % 21 581 22.2 %
Operating income (loss) $ 5 0.2 % $ (21 ) $ 26 1.0 % Net income
(loss) attributable to common stockholders $ (17 ) (0.6 )% $ (19 )
$ 1 — % Diluted earnings (loss) per share $ (0.06 ) $ (0.06
) $ —
Reported
% of
Charges/ Adjusted
% of
FY 2013 (GAAP)
Sales
Credits (Non-GAAP)
Sales
Gross profit $ 2,626 23.4 % $ — $ 2,626 23.4 % Operating expenses
2,831 25.2 % 271 2,560
22.8 % Operating income (loss) $ (205 ) (1.8 )% $ (271 ) $ 66 0.6 %
Net income (loss) attributable to common stockholders $ (93 ) (0.8
)% $ (57 ) $ (36 ) (0.3 )% Diluted earnings (loss) per share
$ (0.29 ) $ (0.18 ) $ (0.11 )
Reported
% of
Charges/ Adjusted
% of
FY 2012 (GAAP)
Sales
Credits (Non-GAAP)
Sales
Gross profit $ 2,536 23.7 % $ — $ 2,536 23.7 % Operating expenses
2,567 24.0 % 127 2,440
22.8 % Operating income (loss) $ (31 ) (0.3 )% $ (127 ) $ 97 0.9 %
Net income (loss) attributable to common stockholders $ (110 ) (1.0
)% $ (119 ) $ 9 0.1 % Diluted earnings (loss) per share $
(0.39 ) $ (0.42 ) $ 0.03
OFFICE DEPOT,
INC. Store Statistics 13
Weeks Ended 52 Weeks Ended
Store
Counts
December 28, December 29, December
28, December 29, 2013 2012
2013 2012 North American Retail (NAR):
Stores opened 2 2 4 4 OfficeMax stores merged 829 — 829 — Stores
closed 23 4 33 23 Total NAR (U.S.) stores 1,912 1,112 1,912 1,112
Total NAR square footage (in millions) 43.6 25.5 43.6 25.5 Average
square footage per store (in thousands) 22.8 22.9 22.8 22.9
Business Solutions Division: Stores opened — — — — OfficeMax
stores merged 22 — 22 — Stores closed 3 — 3 — Total Business
Solutions (Canada) 19 — 19 —
International Division
Company-Owned: Stores opened 2 — 3 4 OfficeMax stores merged 22
— 22 — Stores closed 1 11 4 12 Total International Company-Owned
144 123 144 123
International Division Joint
Ventures: Stores opened — 4 3 16 OfficeMax stores merged 93 —
93 — Stores closed (1) — — 251 — Total International Joint Ventures
93 248 93 248
International Division Franchisees &
Licensees: Stores opened 1 1 8 7 OfficeMax stores merged — — —
— Stores closed 12 38 39 44 Total International Franchisees &
Licensees 115 146 115 146
(1) Includes sale of 50 percent investment in Office Depot de
Mexico
Office Depot, Inc.Investor RelationsMike Steele,
561-438-3657Michael.Steele@officedepot.comorMedia RelationsKaren
Denning, 561-438-3738mediarelations@officedepot.com
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