Office Depot Inc (NYSE:ODP) and Sprint Corporation (NYSE:S) released the earnings results from their most recently completed quarters before opening bell this morning.
Office Depot reported adjusted earnings of 13 cents per share on $3.9 billion in revenue for its first fiscal quarter. Analysts had been expecting earnings of 13 cents per share and $4.1 billion in revenue. In last year’s first quarter, the office supply chain posted earnings of 7 cents per share and $4.35 billion in revenue.
Sprint reported net losses of 6 cents per share on $8.28 billion in revenue, a 7% decline from last year, for its fourth fiscal quarter. Analysts had been expecting revenue of $8.88 billion. In the previous year’s fourth quarter, Sprint reported net losses of 4 cents per share.
Key metrics from Office Depot’s earnings report
Office Depot’s reported a GAAP net loss of 21 cents per share, compared to last year’s reported earnings of 8 cents per share. The retailer reported $88 million in operating income, compared to an operating loss of $79 million in the same quarter a year ago.
The company said retail sales in North America declined to $1.653 billion due to a 2% decline in comparable same store sales. Office Depot shut down 20 stores during the first quarter. Sales in the retailer’s business solutions segment fell 4% year over year to $1.477 billion on the back of a 3% decline in constant currency. Internationally, Office Depot saw sales fall to $747 million as sales in constant currency declined 7% compared to the previous year.
Management still expects total sales to be lower this year compared to last year, mainly to the decision to shut down some stores, negative impacts from the strengthening of the U.S. dollar and disruptions from the pending acquisition by Staples, Inc. (NASDAQ:SPLS). Office Depot is also working on its merger with OfficeMax Inc (NYSE:OMX).
Key metrics from Sprint’s earnings report
