Office Depot Releases Earnings Expectations
May 29, 2003
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Office Depot yesterday reported that it expects second quarter earnings per share (excluding the quarterly impact of EITF 02-16) to be in the range of U.S. $0.16 to $0.18 per share. According to Bruce Nelson, chairman and CEO, the estimate is consistent with the guidance the company provided during its first quarter conference call. He added that the company expects EITF 02-16 to "negatively impact EPS by approximately $0.02 per share, resulting in GAAP EPS of $0.14 to $0.16 per share for the quarter."

The company also reported that it has received EC approval for its acquisition of Guilbert, S.A. in Europe. The company estimated that the move will double its size in Europe. The acquisition is set for completion in early June 2003. Mr. Nelson added that a portion of Guilbert’s earnings will be incorporated in Office Depot’s second quarter results.

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