Office Depot Inc.NYSE
Tue, Nov. 22, 10:01 AM
- Dollar Tree (NASDAQ:DLTR) is up 11% after delivering a solid quarter that included an increase in Family Dollar acquisition benefits.
- Burlingon Stores (NYSE:BURL) races 15% higher after its Q3 results topped expectations.
- DSW (DSW +7.5%) and Chico's (CHS +7.3%) also turned in solid reports to round out the good cheer in the sector.
- Other retailers on the move include Dollar General (DG +3.1%), Big Lots (BIG +3.8%), Ollie's Bargain Outlet Holdings (OLLI +1.9%), American Eagle Outfitters (AEO +3.5%), Five Below (FIVE +2.8%), and Fred's (FRED +1.8%).
- Even the bigger chains are bringing in buyers, with Target (TGT +1.3%), Wal-Mart (WMT +1.5%), Staples (SPLS +1.8%) and Office Depot (ODP +3.2%) all ahead of broad market averages.
- The general theme in the retail sector today is margin improvement as some merchandise and operational costs were shown to have been reeled in to improve profitability.
Mon, Nov. 14, 10:08 PM
- Baupost Group new positions as of Sept. 30: 4.4M shares of Colony Capital (NYSE:CLNY), 5.5M of Northstar Realty Finance (NYSE:NRF), 9.9M of Northstar Asset Management (NYSE:NSAM), 13M of Office Depot (NYSE:ODP), and 17.6M of Synchrony Financial (NYSE:SYF).
- Klarman also raised his stake in 21st Century Fox (NASDAQ:FOXA) to 7.7M shares, and eliminated holdings of Avis Budget (NASDAQ:CAR), Och-Ziff (NYSE:OZM), and the common stock of Citigroup (NYSE:C) (he still holds 102M TARP warrants).
- SEC Form 13F
Wed, Nov. 2, 12:42 PM
Wed, Nov. 2, 11:23 AM
- Office Depot (ODP +14.6%) trades higher after investors approve the plan by the company to close 300 stores in the U.S. over the next three years, including an accelerated goal to close 65 by the end of 2016.
- "We are recovering quickly from the disruption caused by the protracted Staples acquisition attempt," notes Office Depot CEO Roland Smith in his general assessment.
- During Q3, same-store sales fell 2% for the company's North American retail business. Impressively, Office Depot only lost 20 bps off its gross margin rate, despite the reduction in sales and stores.
- Even with today's sharp rally, ODP is just back to where shares stood three weeks ago.
- Previously: Office Depot beats by $0.01, misses on revenue (Nov. 2)
Wed, Nov. 2, 7:21 AM
Wed, Nov. 2, 6:53 AM
Tue, Nov. 1, 5:30 PM
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Fri, Sep. 23, 2:02 PM
- Office Depot (NYSE:ODP) announced its intention of selling its European business to The AURELIUS Group in return of an equity sale, for nominal consideration, with its assets and liabilities.
- “The sale of our European business will allow us to streamline operations and focus our resources on markets that will provide the best opportunity to implement our recently announced three year strategic plan,” said Roland Smith, chairman and chief executive officer for Office Depot. “The AURELIUS Group has a proven track record of positioning its acquisitions for future success and we look forward to working with them to complete this transaction.”
- The transaction is expected to close by the end of 2016.
- Press Release
Sat, Aug. 27, 11:34 AM
- Many retailers are tightening up this year by reducing their store count or converting more locations to e-commerce fulfillment centers. Analysts note that although the strategy will lower revenue, over time the group should see improved bottom lines as underperforming stores are cut back and online efficiency improves. Amid the skittish trading with chain store stocks there could be some value deals.
- Store chains that currently trade with a PE ratio below 15 and offer a dividend yield of at least 2% include: TLRD, BKE, SMRT, GPS, AEO, CHS, CATO, TGT, KSS, M, HVT, WSM, PIR, BKS, OUTR, ODP, SPLS.
- ETFs: XLY, XRT, VCR, RTH, RETL, FXD, IYC, FDIS, SCC, RCD, UCC, PMR, JHMC, CNDF.
Mon, Aug. 22, 7:42 AM
- Office Depot (NASDAQ:ODP) announced the upcoming retirement of CEO Roland Smith. He plans to continue to serve as CEO until a successor is named, which is expected by the end of Q1 of 2017.
- The company anticipates that Smith will remain on as Chairman of the Board.
- Office Depot also announced that it is reorganizing its Executive Committee to better align with the three-year strategic plan unveiled by the company earlier this month. As part of that plan, Office Depot is consolidating its retail, contract, ecommerce, and marketing operations. These functions will now report to Troy Rice, who has been named to the newly-created position of Chief Operating Officer, North America. Rice currently serves as Office Depot’s Executive Vice President, Retail.
- A series of other management changes were also announced.
- Source: Press Release
Wed, Aug. 17, 11:16 AM
- Soft earnings reports from Target, Lowe's, and Staples are tainting the retail sector today.
- A loose theme among the trio is that they are feeling the impact of general store traffic pressure on one front and under-performing Amazon on the e-commerce side (or Home Depot in the case of Lowe's).
- Notable movers include Office Depot (ODP -7%), Pier 1 Imports (PIR -2.7%), Haverty Furniture (HVT -1.1%), Sears Holdings (SHLD -6.5%), Stage Stores (SSI -3%), Nordstrom (JWN -2.4%), Tilly's (TLYS -0.8%), Zagg (ZAGG -2.7%), Party City (PRTY -1.3%), J.C. Penney (JCP -4.4%), Restoration Hardware (RH -4.1%) Bed Bath & Beyond (BBBY -1.9%), Williams-Sonoma (WSM -2.8%), and Kohl's (KSS -2.3%),
- Looking ahead, Wal-Mart (WMT -0.3%) reports earnings tomorrow before the bell. The same-store sales bar is relatively low after the company guided for a 1% gain for U.S. SSS and with the consensus estimate of analysts even lower at +0.9%. Perhaps more important than Q2 numbers will be the comments from Wal-Mart management on the Jet.com integration and the impact of higher base wages.
Wed, Aug. 3, 8:54 AM
- The changes at Office Depot (NASDAQ:ODP) include the return of a quarterly dividend ($0.025/share) and a plan to close over 300 additional stores.
- The store closings represent just under 20% of the total stores the company had open at the end of Q2.
- Office Depot also increased its share buyback allowance to $250M from $100M.
- Previously: Office Depot misses by $0.03, beats on revenue (Aug. 3)
- Previously: Office Depot discloses three-year plan (Aug. 3)
- Shares of ODP are up 3.95% premarket to $3.42.
Wed, Aug. 3, 7:11 AM
- Office Depot (NASDAQ:ODP) reports sales in the North American Retail Division fell 7% to $1.2B in Q2 amid store trimming. Same-store sales were down 1% during the period.
- International division sales fell 4% to $600M.
- Gross profit margin rate fell 50 bps to 23.2%.
- The company says a strategic review led to a three-year plan with a goals of "accelerating opportunities in the contract channel, optimizing and reinventing the North American Retail model, implementing multi-year cost reductions across the company and returning capital to shareholders."
- Previously: Office Depot misses by $0.03, beats on revenue (Aug. 3)
Wed, Aug. 3, 7:00 AM
Wed, Aug. 3, 6:52 AM
Tue, Aug. 2, 5:30 PM
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