Office-supplies retailer Office Depot (ODP) narrowed its loss in the fourth quarter as the company's sales during the holiday season were better than expected.
Office Depot said it lost $61.5 million, or 28 cents a share, compared with a loss $1.54 billion, or $5.64 a share, from a year ago. Excluding restructuring charges, the company said it lost 6 cents compared with a loss of 73 cents a year ago, as revenue fell to $3.07 billion.
The results were considerably better than the 22-cent loss on $2.97 billion in revenue that analysts had expected, according to Thomson Reuters.
Office Depot said its North America division had a modest operating profit of $2 million while the international division surged to a profit of $64 million. Same-store sales in North American markets dropped by 4%. The company cited consumers reluctance to purchase higher-margin items like furniture.
“We remain pleased with the execution of our strategic initiatives across the entire enterprise," said Mike Newman, Office Depot's CFO said in a statement.
The company said it closed eight stores in North America, opened two and relocated one during the quarter.
Shares of Office Depot advanced 3.2% to $6.86 on Tuesday.
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