ODP - Office Depot Parent ODP Boosts FY24 EPS Outlook Despite Bumpy Q1 Ride: Details | Benzinga
The ODP Corporation (NASDAQ:ODP) shares are trading lower after the company reported first-quarter FY24 earnings below street view.
The company reported a first-quarter FY24 sales decline of 11% year-on-year to $1.87 billion, missing the analyst consensus estimate of $1.96 billion.
The decrease in reported sales is largely related to lower sales in its Office Depot Division, primarily due to 56 fewer retail locations in service compared to the previous year and reduced transactions.
Gross profit increased 14.7% to $410 million with a margin of 21.9%. Selling, general and administrative expenses dropped 6% to $359 million.
The operating income for the quarter plunged 81% to $18 million and the operating margin contracted 350 basis points ...