Office Depot's Parent ODP Shrinks Retail Footprint, Expands B2B Offerings

The ODP Corporation (NASDAQ:ODP) reported second-quarter results on Tuesday with adjusted earnings per share of 51 cents, beating the analyst consensus estimate of 36 cents.

Quarterly sales of $1.59 billion (down 8% year over year) was in line with the Street view.

Sales declined mainly because the Office Depot Division operated 60 fewer retail locations than a year ago and experienced reduced in-store and online consumer traffic.  

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Additionally, the ODP Business Solutions Division posted lower sales despite showing improving year-over-year comparable revenue trends.

Adjusted operating income fell to $25 million in the second quarter, down from $33 million in the year-ago period. Adjusted EBITDA declined to $47 million versus $57 million year over year.

“In our B2B distribution business, ...