ODP - Office Depot Parent ODP Faces Revenue Dip In Q4 Counters With Ambitious 'Project Core' Initiative | Benzinga
The ODP Corp (NASDAQ:ODP) reported a fourth-quarter fiscal 2023 sales decline of 14.3% year-over-year to $1.81 billion, missing the consensus of $1.84 billion.
The year-over-year revenue decline was due to lower sales in its Office Depot consumer division, primarily due to 64 fewer retail locations in service versus the prior year and lower retail and online consumer traffic and transactions.
ODP Business Solutions Division reported sales (external) of $902 million, down 10% Y/Y. Office Depot Division reported sales (external) of $893 million, down 18% Y/Y in the quarter.
Adjusted operating income was $43 million, down from $58 million a year ago, and the margin contracted by 37 bps to 2.4%.
Adjusted EBITDA in the quarter totaled ...