Office Depot (OPD) said for the third quarter of 2007, sales increased 2% to $3.9 billion. Sales in the North American Retail Division were flat with comparable store sales down 5% for the quarter. Net earnings on a GAAP basis were $117 million compared to earnings of $129 million in the same period of 2006. GAAP earnings per share on a diluted basis were $0.43 for the quarter, versus $0.45 in the third quarter of 2006.
Analysts were looking for EPS of $.40 and revenue of $3.95 billion.
As a result of the independent review of the timing of recognition of certain vendor program arrangements, the Company concluded that the errors were material and the Board of Directors approved a restatement of the periods from the third quarter of 2006 through the second quarter of 2007.
These restatements are non-cash charges and the reduction in net earnings has been offset in the consolidated statement of cash flows by a change in working capital and other items such that net cash provided by operating activities has not changed for the periods restated
Douglas A. McIntyre
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
