Office Depot beats by $0.01, beats on revs :
- Reports Q4 (Dec) earnings of $0.11 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.10; revenues fell 1.5% year/year to $2.73 bln vs the $2.7 bln Capital IQ Consensus.
- FY17 Guidance: Office Depot expects total company sales in 2017 to be lower than 2016 (FY16 $11.021 bln - FY17 Capital IQ consensus $10.395 bln), primarily due to the impact of store closures, prior year contract customer losses, one less selling week and continued challenging market conditions. However, the company expects the rate of sales decline to improve throughout 2017 based on improvements in customer retention, implementation of new customer wins and continued growth in the contract channel sales pipeline.
- The company continues to expect to achieve approximately $500 million in adjusted operating income in fiscal 2017, a comparable year-over-year increase of about 10%, excluding the $15 million estimated 53rd week operating income benefit in 2016. In 2017, capital expenditures are expected to be approximately $200 million including investments to support the company's critical priorities and the Store of the Future test format.
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