Office Depot (ODP) announces same-store sales fell 4% in North America during Q4 on lower store traffic.
The gross profit margin rate for the period came in at 22.6% compared to 23.1% a year ago. Margins in North America dropped off faster than they did in Europe as promotions and pricing kicked in.
The company raises its estimate for annual synergies created after the merger with OfficeMax to $600M.
ODP -1.9% premarket