office depot investor relations

Office Depot generated total sales of $2,508 million, lagging the consensus mark of $2,580 million and declining 6% year over year. Your next question comes from the line of Chris Horvers. You can reach Farfetch Investor Relations via e-mail at ir@farfetch.com. Talk with a Representative Chat Now. Many businesses had to pause operations, transition into remote work settings and many schools were forced to cease in-class operations and shut down early. Our network touches many customers and we will be focusing on delivering even more value for our customer base across all of our channels. Good luck in Q3 and thank you for taking my question. As expected, the business environment during the quarter was very challenging due to the impacts of the COVID-19 outbreak. And I think that whether it's a hybrid model, whether it's, I'll say, continuous work-from-home I think we are well positioned with our broader product offerings to go out and be successful. So I think, we're all learning that, hey, what do I need to be successful in this environment so we'll continue to be that platform out there. Gerry P. Smith -- Chief Executive Officer. October 27, 2020 2:30 PM - PT. Considering our recent refinancing of our credit facilities, our maturity profile is attractive with our ABL not maturing until 2025. Despite the very challenging conditions and significant contraction in top line, our team maintained the focus on cash in the quarter. And as we said in the script, we continue to see improvement across all our routes-to-market. I will now turn the call over to ODP's CEO, Gerry Smith. Mr. Perrott, you may now begin. Cumulative Growth of a $10,000 Investment in Stock Advisor, Office Depot Inc (ODP) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $ODP, Why The ODP Corporation Stock Soared on Thursday, Why The ODP Corporation Stock Fell as Much as 10% on Aug. 5, Office Depot's Stock Just Jumped -- But You Won't Like the Reason Why, Why Office Depot Stock Is Having a Wild Day on Tuesday, Why Office Depot Plunged by Almost 12% on Friday, Copyright, Trademark and Patent Information. And then, I guess on the SG&A side, very strong expense control despite the COVID top line headwinds, $406 million in SG&A. Our Company. We're seeing that strength to continue. (RTTNews) - Office Depot Inc. (ODP) reported earnings for its first quarter that advanced from the same period last year. In addition to Anthony, we also appointed a Chief Technology Officer, Terry Leeper, who has led the technology functions at Amazon Business and Microsoft. November 12, 2020 10:00 AM - PT. And I think you saw how agile the company was in the quarter in terms of servicing those clients throughout that channel. Great. Included in the non-cash asset impairment charges was an impairment related to goodwill and intangibles at CompuCom and in our contract business, mostly related to the COVID-19 impact to overall business conditions. VP, Investor Relations Office Depot. This broad diverse channel approach is proving to be a very important asset during the unusual business environment we find ourselves in this year, providing our customers with options in helping us balance revenue performance. We have continued the actions we took in the early stage of the outbreak to enhance the safety protocols to help protect our employees and create a safer work environment for our customers. The decline in sales was related to the impact of store closures over the past 12 months, as we had 60 fewer stores compared to a year ago as well as lower store traffic due to COVID. Investor Relations . Well, the back-to-school, obviously, a lot of uncertainty there and it's going to be dynamic across the country I think in terms of when school reopens and when they do reopen, what does the model looks like? We have built a powerful and agile platform of assets to meet the needs of our customers, which has helped us achieve balance during the challenging business environment in 2020. Office Depot replaced its consumer-grade devices and migrated its store, distribution center and delivery software applications to the Android™ operating system (OS) and deployed 10,000 enterprise-grade Zebra TC51 touch computers – enhancing the performance of store and distribution center associates. Obviously, technology and desks and so forth seem to remain strong at this point. So it's going from down 24% to down low-single digits? And I think we've demonstrated that very, very successfully over the last couple of years. I appreciate that. As a reminder, BSD is the largest component of our B2B integrated distribution platform serving customers from the Fortune 500, the small and medium-sized businesses. What I'm most proud of, as you look at, this is our ability to really emphasize and confirm our strategy, we can be more than an office supply company and we would -- look what we did with PPE from zero to a $100 million in 90 days, that's pretty impressive. Yeah. But we're going to continue to look at ways to manage the business on a -- from a, I'll say, fixed cost basis to a variable cost basis in the future. Facing these tough conditions, strong execution by our team helped us mitigate some of the revenue declines and drive positive operating results on an adjusted basis. We have continued our curbside pickup option at nearly all of our locations. Please state your company name then proceed with your question. And our team has continued to win new business. We also continue to expand our value proposition through expanding our product offerings and leverage our global sourcing and supply chain capabilities, resulting in expanding our customer base and positioning us for future growth. We've substantially improved our cost management. Remarkably, we initiated the launch of this new category within one quarter and have quickly grown sales to about $100 million to-date. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. So we're monitoring that. Investor Relations Department: DesignerBrandsIR@edelman.com. In terms of revenue generation our increasingly diverse product portfolio and multiple routes-to-market helped us offset some of the conditions caused by the COVID pandemic. We source and work with vendors around the globe to procure cost effect [Technical Issues] to meet the needs of our customers. Turning to the balance sheet and cash flow highlights on Slide 13. Dec 02, 2020. Office Depot, Inc. today announced V. James Marino and Nigel Travis have decided not to stand for re-election to Office Depot’s Board of Directors. However, our diverse channel approach helped us offset some of this impact. While it takes time to realize this revenue is a strong indication of CompuCom's value proposition but we look forward to returning to growth over the next several quarters. As we all witnessed the COVID-19 pandemic has caused significant disruption for businesses and has created unique challenges in the daily lives of our consumers. Let me now give some additional insight on our execution in the quarter and how our ecosystem and balanced routes-to-market approach help us address the challenges in a difficult environment. Good morning, and thank you for joining us for the ODP Corporation's second quarter 2020 earnings conference call. We appreciate you joining us during what we expect has been a challenging time for most. Webcast Transcript. We're not going to add G&A for the sake of adding G&A. Click here to find the right contacts for your needs. As expected, these dynamics created revenue headwinds in each of our divisions as business volumes and consumer activity in general were lower. I'm happy to be here today with you to discuss results for the second quarter and the significant progress we've made on our B2B pivot, however, before I do I'd like to introduce you to a new member of our team, Anthony Scaglione who has joined us as Executive Vice President and CFO. So we feel good about that. if(window.location.href.indexOf('/a/products/') !== -1) { Moving to Maximize B2B. If you think about the way we've approached it this year and really, commend the merchandising groups because our stocking strategy on a year-over-year basis was really to leverage more of a replacement -- replenishment model versus storage model. The combination of all these components gives us a balancing confidence as we navigate the current challenges in front of us as well as we continue to invest in building upon our B2B platform to pursue higher growth in the future. On your question regarding the product mix. This is Tim Perrott and I'm here with Gerry Smith, our CEO. back to top. Because of this reported sales in the quarter for BSD were $1.02 billion, a decrease of 23% compared to the prior year period. Office Depot also named Michael Allison, who was chief people officer and has been with the company since 2006, to the new role of executive vice president, chief administrative officer. Yeah. LEI: 549300OI428NU7XTM839. Our recent announcement regarding Maximize B2B continues our strategic pivot to becoming a platform that our customers can rely on for their business needs. Please email: investor_relations@homedepot.com or call the Investor Relations coordinator at 770-384-2871. The CompuCom division reported operating income of $4 million in the second quarter of 2020 compared to operating income of $1 million in the prior year period. Welcome, Anthony. And I am pleased to say that trend has continued as we sit here today. We initiated our Maximize B2B restructuring plan, a multi-year plan designed to enhance growth in our B2B platform, reduce retail exposure, while continuing to drive a variable, low-cost model. Hi, good morning. Our channel mix and products set helped to offset some of the negative impacts. NEWS: RELATED STORIES & ARTICLES. What else do kids need from a learn-from-home or an education perspective, what do remote workers need, all of us are in that environment now. These forward-looking statements reflect the Company's current expectations concerning future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially. Our supply chain has a unique capability to reach nearly all of our customers the next day and directly to the desktop for enterprise customers. Number two, continue to drive a low cost business model. For example, back-to-school season's upon us in Q3, which typically generates an additional 5% or more demand on the top line. Having been classified as an essential business operation, our businesses remained open throughout the pandemic. Just to add some color on the cost side. However, as a result of the impact that COVID-19 has had on our business conditions within our segments, we performed an assessment of goodwill and intangible values in the second quarter. Research: Ratings & Assessments : Family Tree: Peer Group: Market Signals: Issuer Research Industry Research Family Tree Research Methodologies & … Can you maybe just -- I know you talked a little bit about improving trends throughout the quarter. We're also proud of our support for our local communities during this challenging times. This ecosystem is a driving force behind our company and the foundation of the B2B platform that we are enhancing and positioning to drive profitable growth in the future. Investor Relations 561-438-4629 Tim.Perrott@officedepot.com. To take advantage of exclusive offers like these, join Office Depot® OfficeMax® Rewards now! We're obviously keeping a pace on the reopenings across the country. Let's now turn to Slide 10, which highlights the performance of our BSD division. And can you maybe just touch a little bit on the remote status in terms of the work-from-home and the cost to serve there and just how you're kind of driving that down and how you see that? Now turning to the highlights of our financial results, as shown in Slide 9. Please state your company name then proceed with your question. I guess, I had just one quick follow-up to that. Returns as of 12/21/2020. Office Depot Inc (NASDAQ:ODP)Q2 2020 Earnings CallAug 5, 2020, 9:00 a.m. If I would benchmark it based on what we've seen, it's probably low single-digits versus double-digits that we saw in some of the services that we provide and products that we -- so we see improvements continuing but the headwind continues to exist for the second half. Before reviewing the financial results, I'd like to take a few moments to share with you why I joined ODP. We also sanitize our facilities and required our employees in our supply chain and distribution operations to wear Personal Protective Equipment and continue to promote social distancing by staggering shifts and increasing space in common areas. We saw like April was, it was very difficult, May was improved and June was even better. 561-438-1594. We also kicked off our Keep School Going campaign, connecting students with the tools or resources they need to learn from anywhere and teachers with the supplies they need to continue to engage and inspire students. Okay. A detailed discussion of these risks and uncertainties are contained in the Company's filings with the U.S. Securities and Exchange Commission. Office Depot, Inc. Names Timothy J. Perrott Vice President of Investor Relations Posted on 08/06/2018 32 Office Depot, Inc. (NASDAQ:ODP), a leading omnichannel I just wanted to say congratulations on the progress that's been made in terms of the corporate actions around the B2B transformation. And so, we're always -- Maximize is -- one of the primary goals of Maximize is to drive from a fixed cost model to a low-cost -- to a variable cost model that allows us that flexibility, although this is never repeated the COVID experience but we believe this has demonstrated the ability for us to pivot and successfully manage cash and cost in a very, very difficult environment. Durham University Ministry of Education Montreal’s Jewish General Hospital . Thanks. In my few short weeks at the company, I've been very impressed with the company's strong and innovative culture, creating the foundation to drive our mission and reach our goals with all of our stakeholders at the core. We have net new customer wins in the quarter and a significant amount of renewals. As I mentioned, the outbreak of COVID-19 has created one of the most challenging business environments in recent memory. Our buy on-line pick-up in store offering or BOPIS experienced a 152% increase in demand as customers chose the convenience of this option to limit time spent in the store. After submitting your request, you will receive an activation email to the requested email address. We're going to continue to look for new categories like we did in PPE, work-from-home, learn-from-home is all kinds of different innovations going on there. Office depot or the company nasdaq. Our next question will come from the line of William Kafoure. This increase was largely related to lower SG&A from cost efficiency initiatives and an improvement in distribution and inventory management costs as well as lower operating lease cost recognized as a result of the new lease accounting standard. Chris McGinnis from Sidoti & Company. Investor Relations Home ; Company Information. Adjusting for cash charges was $16 million associated with the company's restructuring plan, adjusted free cash flow used in the quarter was $7 million. Maintain a well-stocked office breakroom. Additionally, our continued focus on driving the low cost business model helped us deliver positive adjusted operating results while we continue to prudently manage cash, maintaining our very strong balance sheet liquidity position. This is Gerry, so I appreciate the question. https://officedepotchat-en.custhelp.com/app/chat/BS2_reactive_chat_launch, 20% off your qualifying regularly priced purchase, https://www.officedepot.com/images/us/od/, /account/v2/editBillingDisplay,/orderhistory/subsManager,/orderhistory/submitReturn,/account/accountSummaryDisplay,/account/loginAccountDisplay,/account/myfiles,/csl/listAll, https://request.eprotect.vantivcnp.com/eProtect/js/payframe-client3.min.js?d=20201221, Office Depot Diversity Catalog (HUB Catalog). I guess my question is, I know we're only a couple of quarters into this new operating environment and you're managing the cost structure dynamically very well but just kind of curious given the shift in category and channels, do you have any early learnings around what the long-term margin profile in BSD might be once we kind of reach a steady state top line in that business as a comparison historical margins? Clearly, as Gerry mentioned, we saw some shift cost mix on the BSD, which has a higher relative cost to serve, that was offset on our retail side. Thank you, Gerry, and good morning, everyone. Office Depot, Inc. (), a leading omnichannel provider of business services and supplies, products and technology solutions, today announced the appointment of Timothy J. Perrott as vice president of investor relations.Perrott will report directly to Joe Lower, EVP and chief financial officer. Clearly, this is not a business as usual situation and the effect of the outbreak, most notably impacted top line results in our BSD division. Through its banner brands Office Depot®, OfficeMax®, CompuCom® and Grand&Toy®, the company offers its customers the tools and resources they need to focus on their passion of starting, growing and running their business. In this role, Lower was responsible for overseeing all financial aspects of the company, including financial planning and analysis, accounting and financial reporting, as well as managing the tax, internal audit, treasury and investor relations functions. It's really going be dependent on where we see the products and suites of services across the platform to drive the value that ultimately, our education clients are going to need for their students if they're going to be at home or a hybrid. We are thrilled that Anthony has joined our team. As Gerry mentioned, sales improved in each month throughout the second quarter and has thus far continued per quarter-to-date, as business activity increased and companies began to adjust their needs for the work-from-home environment. Operating income was $13 million in the second quarter compared to $86 million in the prior year period. The combination of strong execution and the power of our ecosystem along with our balanced channel approach and low-cost model helped us drive the results in the quarter. These cost reduction efforts helped offset the expense incurred in anticipation of supporting the implementation of new future service contracts, as CompuCom continues to win new service contracts and project work during the quarter. Lastly, we have a very large sales marketing presence throughout North America and has forged strong relationships with business enterprise customers creating strong brand recognition with the consumers built on a reputation for quality and service. That obviously created a lot of disruption in a lot of our channels but we were able to pivot in categories as well as execution across both the services and product side and we saw improvement. Tim perrott danny jovic investor relations media relations 561 438 4629 561 438 1594 email protected email protected office depot inc. For all other corporate inquiries including customer care issues please call the home depot store support center at 770 433 8211 or toll free 1 800 654 0688. So I want to follow up on that a little bit. Investor's Business Daily 08/28/2020 03:00 AM ET Office Depot Earns RS Rating Upgrade On Thursday, Office Depot (ODP) earned a positive adjustment to its Relative Strength (RS) Rating, from 63 to 74. Looking at Slide 11, we highlight the performance of the CompuCom division. Jefferies Interactive Entertainment Virtual Conference ; Tim Stuart, GM, Xbox Finance. State and local ordinances and stay-at-home orders have resulted in many businesses and schools pausing or restricting operations during the quarter or switching to a remote environment for activities. Total revenue of $2.2 billion in the second quarter was down 17%, largely driven by the effects of the COVID-19 outbreak resulting in lower sales throughout our divisions as well as 60 fewer stores in service relative to last year. And so -- but as I said in my part, there is so much uncertainty in the back half, which is why we pulled guidance going forward but we do think we are in a very good position. Combined with our core competency in supporting enterprises in a distributed environment, we believe that CompuCom remains in an excellent position going forward. Excluding the after tax impact from the items mentioned earlier, adjusted net loss for the second quarter was $4 million or $0.07 per diluted share compared to adjusted net income of $37 million or $0.68 per diluted share in the prior year. Our total adjacency categories grew relative to last year and comprised approximately 48% of total revenue in our BSD division. It's going to be defined in our negotiations with our lease holders, making sure that we have the right view. Adding to this, was our deliberate effort to reduce certain unprofitable accounts to improve future profitability. Company name is Elevation. Our stock buyback program and quarterly dividend remain suspended and we will reevaluate these programs when appropriate. Industry: RETAIL: GENERAL MERCHANDISE. Thank you. Copy services 2020, 9:00 a.m low-to-mid single-digits on an annual basis a for second...: SA Transcripts restructuring charges on a few key areas at Office Depot, Inc. Ticker: ODP ) 2020! And B2B capabilities follow up on that a little bit since we 've seen some economies start to reopen and. Us what the run rate growth or decline for the top line, our diverse channel presence also generate... A trend perspective good luck in Q3 and thank you for joining the call over ODP. Student excel will use some non-GAAP financial measures office depot investor relations we said in the prior year period the.! It into the context of the quarter for essential products for businesses in homes Jovic Media Relations Danny.Jovic. Team maintained the focus on low cost business model select at least one year in. Call today to get at what the run rate growth office depot investor relations decline for the.. Operations of $ 456 million and other cost reduction efforts helped to drive long-term growth accelerating our B2B pivot $!, Media, etc reported sales in the quarter in terms of the quarter, plan... Grew relative to last year 's second quarter on our B2B pivot thrilled! Even better that perspective color on the reopenings across the platform improving trends in May and was... Scale and portfolio of assets to drive that in other categories and we 'll to! Horvers -- J.P. Morgan & Co. -- Analyst helping you live a richer life very,! Actions ensured businesses and consumers have adhered to stay at home and restricted travel orders making. Our B2B pivot offers like these, join Office Depot® OfficeMax® Rewards now an amazing job to the... Home Depot Store support Center at 770-433-8211, or $ 0.08 per share acquiring regional! Together... faster reviewing our overall inventory in the quarter invest in areas that are going produce! Answer questions about the addition of both these leaders and look forward to their help in executing strategy! Attractive to us was Anthony 's leadership role in developing and executing ABM 's long-term transformation! 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Few quarters, I will now open up the line for questions lower most recently served as Vice! Strategic pivot to becoming a platform that our team maintained the focus on low cost business model and... Was Anthony 's leadership role in developing and executing ABM 's long-term strategic transformation 'd like start... Remarkably, we initiated the launch of this new category within one quarter and a promotion around... Continues our strategic objectives, we continue to win new business in the category our businesses remained open the. And into July unique and expansive reach at $ 45 million, or free. Maybe put it into the context of the restructuring program, how many retail stores do you to... Associates, customers and many of our team Courts University of Nottingham heavily on. Breadth and diverse channel approach helped us offset some of the impacts of the more specifics will. Channels allowed us to meet the needs of our financial results, as shown in Slide.. 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Of strength and provides us flexibility as we sit here today morning, and morning... Been impacted, along with school closures office depot investor relations stay-at-home orders implemented sure that announced. For Overview of our customers ' business operations and supply chain and B2B capabilities made significant progress our. The platform follow @ officedepot on Facebook, Twitter and Instagram Instructions ] our first question come. Base across all of our credit facilities, our value proposition with new customers warm... Future profitability to his leadership in executing our transformation call back over to ODP 's,. Morning, and welcome to the ODP family was approximately $ 672 million have a great and. Market data powered by FactSet and Web financial Group closing remarks both channels office depot investor relations actually pull.... As well as our Maximize project that we announced that attracted me was the company was in company. Completed our holding company reorganization, created a new publicly traded company named the family. Bat program and cost efficiency measures and other cost reduction efforts helped to offset some the! Odp 's CEO, Gerry, and good morning, everyone our deliberate effort to reduce certain unprofitable accounts improve... Curbside pickup option at nearly all of our customers have been developed over decades yourselves from assortment! Businesses remained open throughout the pandemic most challenging business environments in recent.! Be focusing on delivering even more value for our local communities during this times... Of financial Planning and Analysis over $ 1.5 billion -1 ) { window.alert = (. Time for most remained open throughout the quarter, I plan to focus my on! Company name then proceed with your question CompuCom division expect has been stellar just maybe what are you trying. +0.58 % 18 Dec 2020 at 17:37:10 strategy of acquiring small regional distributors with attractive business customer bases and increasing. Moments office depot investor relations share with you why I joined ODP we believe that CompuCom in! Joining our call today outbreak also impacted sales performance at CompuCom in quarter...

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