Office Depot Reports Q4, Full-Year Results Feb 11, 2005

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Business appliance retailer Office Depot, Inc. announced fourth quarter and year-end results for the fiscal period ended Dec, 25, 2004.

Total sales for the fourth quarter grew 7 percent to U.S. $3.5 billion compared to the fourth quarter of 2003. Worldwide comparable sales increased 2 percent for the fourth quarter of 2004.

For the full-year period, total sales for fiscal 2004 grew 10 percent to $13.6 billion compared to the same period of 2003. Worldwide comparable sales increased 1 percent for the full year 2004. Net earnings for 2004 were $338.2 million.

Office Depot reported that North American Retail sales increased 8 percent for the fourth quarter and 5 percent for the full year compared to the same periods in 2003. 2004 comparable store sales increased 4 percent for the fourth quarter and 3 percent for the full year.

Office Depot continued to expand its store base during the fourth quarter by opening 52 new stores, relocating two stores and closing six under-performing stores. For the year, a total of 69 net new stores were opened in North America. At the end of fiscal 2004, Office Depot operated a total of 969 office product superstores throughout the U.S. and Canada.

Sales in the International Group increased 9 percent in U.S. dollars (but remained flat in local currencies) in the fourth quarter, and increased 30 percent (21 percent in local currencies) for the full year compared to the same periods in 2003. Sales in 2004 include a full 12 months of Guilbert operations, while the prior period includes operations only from the acquisition date of June 2, 2003.

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