The Odp Corp Stock Price, News & Analysis

The ODP Corporation reported third-quarter revenue of $2.2 billion, remaining flat compared to the previous year. The company achieved a GAAP EPS of $1.36 and adjusted EPS of $1.48. Despite strong performance in the ODP Business Solutions division, net income decreased to $67 million from $73 million year-over-year. Operating income was $84 million, down from $104 million. The company announced a new $1 billion share buyback plan through 2025, emphasizing focus on shareholder value and long-term growth opportunities.

Office Depot, a major omnichannel retailer, announced plans to assist shoppers during the busy holiday season. The company emphasizes significant savings on technology, furniture, and supplies, complemented by a 20-minute in-store pickup service. Key initiatives include:

• Rewards Event: From Nov. 13-19, up to 50% savings for rewards members.
• Black Friday Sales: Starts at 12:01 a.m. ET on Thanksgiving.
• Teacher Discounts: 30% bonus rewards on educational supplies.

For more details, visit officedepot.com.

The ODP Corporation (NASDAQ:ODP) will announce its third quarter 2022 financial results on November 2, 2022, at 9:00 am ET. CEO Gerry Smith and his executive team will discuss the company’s four business units and capital allocation strategies during a virtual investor day event. The event will include a Q&A session, providing investors with insights into ODP's growth trajectory and future plans. Additional information and earnings materials will be available on ODP's investor relations website.

Office Depot announced contributions of nearly $4 million in technology, furniture, and supplies to Title I elementary schools across the U.S. The initiative aims to support economically disadvantaged students. The Start Proud! program provided 18,000 backpacks with essential school supplies, valued at over $1.8 million. Additionally, nearly $2.2 million was raised through customer donations for further educational support. This effort illustrates Office Depot's commitment to enhancing classroom experiences and easing financial burdens for families and teachers.

Office Depot announces its role as the founding sponsor of Selfmade, a startup school for women transitioning to entrepreneurship. The program shifts from a 10-week course to a year-round membership model, providing continuous resources for aspiring female entrepreneurs. Office Depot will fund 300 Silver scholarships to enable underserved women to participate for free, offering access to workshops, mentoring, and competitions. This initiative aims to empower a new wave of female business leaders, reinforcing Office Depot's commitment to supporting small businesses and community growth.

The ODP Corporation (NASDAQ:ODP), a provider of business services and technology solutions, announced a definitive agreement for the sale and partial leaseback of its Boca Raton headquarters. Subject to closing conditions, the company plans to lease part of the building for at least two more years. This move aims to enhance their balance sheet and lower operating costs, according to CEO Gerry Smith and CFO Anthony Scaglione. The transaction is expected to close by year-end 2022.

On August 15, over 900 Office Depot and OfficeMax locations will be accessible for shopping through Uber Eats. This partnership allows consumers to order a variety of business and school essentials for delivery. Uber One members can enjoy a $0 delivery fee and a 5% discount with a minimum order of $15. The collaboration aims to provide on-demand delivery during the busy back-to-school season, enhancing consumer convenience. The promotion runs through September 10, fostering significant savings on popular school supplies.

The ODP Corporation (NASDAQ:ODP) has announced the final results of its Dutch auction tender offer, which closed on August 12, 2022. A total of 14,497 shares were validly tendered at or below the purchase price of $36.00 per share, for an aggregate purchase price of $521,892, representing less than 1% of ODP's outstanding shares. Following this offer, ODP has approximately $599 million remaining under its share repurchase authorization and plans to continue repurchases based on market conditions.

In the second quarter of 2022, ODP reported revenue of $2.0 billion, a 2% decline year-over-year, primarily due to lower retail sales from store closures. GAAP operating income was $28 million, while adjusted operating income rose to $54 million. Net income was stable at $20 million, with diluted EPS improving to $0.39. The Business Solutions Division saw a 6% sales increase, driven by returning businesses, although eCommerce sales fell. The company announced a $600 million share repurchase authorization to enhance shareholder value.