The Odp Corp Stock Price, News & Analysis

The ODP Corporation (NASDAQ: ODP) announced the sale of its CompuCom Systems subsidiary to Variant Equity for up to $305 million, marking a significant step in realigning its core business strategy. The transaction will enhance the company’s focus on its B2B assets and digital platform.

Additionally, ODP increased its share repurchase authorization by $200 million, bringing the total to $650 million. This move is expected to return over $300 million in capital to shareholders in 2021.

Office Depot has partnered with Best Buddies International to promote employment opportunities for individuals with intellectual and developmental disabilities (IDD) in Florida and California. This initiative aims to create a more inclusive work environment and provides integrated job opportunities for those participating in the Best Buddies Jobs program. The collaboration aligns with Office Depot's commitment to fostering an inclusive workplace and supporting diverse talents, ultimately enhancing workforce motivation and customer satisfaction.

Office Depot announces special deals for Black Friday and Cyber Week, available from Nov. 28 to Dec. 4.

Customers can enjoy free same-day delivery on qualifying items via Shipt. Key promotions include discounts on various products, such as laptops and office supplies.

Online deals start on Thanksgiving Day, with unique offers for rewards program members. Additional services include curbside pickup, next-business-day delivery, and same-day printing.

The ODP Corporation (NASDAQ: ODP) announced a $150 million accelerated share repurchase (ASR) plan with Goldman Sachs and JPMorgan Chase, reinforcing its commitment to returning capital to shareholders. Combined with prior repurchases, the total capital return for 2021 exceeds $300 million. The ASR will result in an initial delivery of about 2.8 million shares by November 18, 2021. Additionally, the Board approved an increase in the stock repurchase program to $450 million, with approximately $142 million available for further repurchases through June 30, 2022.

The ODP Corporation reported Q3 results with revenue of $2.2 billion, marking a 7% decrease from last year, attributed to 160 store closures and reduced demand in some product categories. GAAP net income rose to $73 million ($1.33 per diluted share) from $34 million ($0.63) year-over-year. Adjusted earnings per share were $1.76, down from $1.88. ODP continues to advance its separation into two companies and reported $1.7 billion in available liquidity. Stock repurchases totaled $76 million for the quarter.

The ODP Corporation (NASDAQ: ODP) announced the retirement of Francesca Ruiz de Luzuriaga from its Board of Directors, effective December 31, 2021. Ms. Luzuriaga has served on the board since 1998, contributing significantly to the company’s transformation as a business solutions provider. Joseph S. Vassalluzzo, Non-Executive Chair, praised her financial expertise and leadership during her tenure, which included roles on key board committees. The ODP Corporation continues to serve small to enterprise businesses through its integrated B2B distribution platform.

Office Depot announced its holiday promotions, featuring a 20-minute in-store and curbside pickup service to enhance customer convenience. The company offers savings on office supplies and technology products, with weekly and daily deals available. Online Black Friday deals start on Thanksgiving, with in-store options on Black Friday.

Additionally, Office Depot promotes its rewards program with increased benefits through December. Small business customers can join the Business Select program for $29, discounted from $99. The company emphasizes efficient shopping options and various festive gift ideas for customers.

The ODP Corporation (NASDAQ:ODP) will announce its third quarter 2021 financial results before the market opens on November 3, 2021. Following this, a conference call will be held at 9:00 am ET for investors and analysts, which will be accessible to the public. The earnings press release, along with supplemental financial disclosures, will be available on the company's Investor Relations website.

ODP provides a range of business services, products, and digital workplace technology through its B2B distribution platform, which includes approximately 1,100 stores.

Office Depot's Start Proud® Community Investment Program has provided over $3.8 million in educational supplies to students and Title I schools. The initiative involved over 18,000 premium backpacks filled with $1.8 million worth of school supplies and included a $20 gift card for additional essentials. Nearly $2 million was raised through customer contributions for more than 70 Title I schools. This program aims to ensure students and teachers have resources for success, while also recognizing dedicated educators with technology and teaching supplies valued at $2,000.