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ODP

Office Depot

$3.77

0.16 (4.43%)

07:07
04/04/19
04/04
07:07
04/04/19
07:07

Office Depot reports preliminary Q1 revenue about $2.76B, consensus $2.82B

Office Depot announced preliminary estimated results for Q1 ended March 31. The company will report actual financial results for Q1 and provide updated FY19 guidance on its upcoming earnings announcement and conference call scheduled for May 8. For Q1, the company expects to report revenue of approximately $2.76B and adjusted operating income of approximately $65M. The primary driver of the anticipated Q1 results was lower than expected operating performance at the company's CompuCom division. The company's CompuCom division is expecting to report an operating loss of approximately $15M in the first quarter of 2019, primarily driven by lower than expected revenue from existing customer projects compounded by less than commensurate reductions in associated expenses. Profitability was further pressured by ongoing expenditures to develop and market additional service offerings. The company has recently undertaken several actions to improve its future operating performance. These include streamlining its operational structure to improve service velocity and efficiency, reorganizing its customer-facing organization to better align with customer needs, and realigning the sales team to more effectively identify new opportunities to increase penetration of existing customers and accelerate cross-selling opportunities. The company expects that these and other actions will place CompuCom on a path to get back on track with its long-term expectations, delivering improved growth and profitability in the future. The company's Business Solutions Division, or BSD, is expecting to report operating income of approximately $46M in Q1. This performance was impacted by paper and paper related costs increases that could not be completely passed through to customers due to the timing of contractual limitations. Paper costs have increased over 20% during the past 12 months and the company is pursuing several initiatives to mitigate the impact of such cost increases going forward. In addition, lower eCommerce related sales coupled with investments in demand generation and eCommerce capabilities, including those associated with the collaboration agreement recently announced, adversely impacted results in the quarter. The company's Retail division is expecting to report operating income of approximately $66M in Q1. The company's success in growing its service offerings is mitigating some of the broader industry trends associated with more traditional office products. The company is continuing to evaluate and implement additional initiatives in its retail footprint, improving conversion and product assortment mix, as well as exploring store-within-a-store and co-working opportunities, which to date have shown early signs of success.

ODP Office Depot
$3.77

0.16 (4.43%)

04/01/19
SBSH
04/01/19
UPGRADE
Target $18
SBSH
Neutral
Bed Bath & Beyond upgraded to Neutral from Sell at Citi
Citi analyst Geoff Small upgraded Bed Bath & Beyond (BBBY) to Neutral from Sell and raised his price target for the shares to $18 from $10 after taking over coverage of the name. Citi transferred coverage of Broadlines & Hardlines Retail names to Small. The analyst assumed coverage with Buy ratings on AutoZone (AZO), BJ's Wholesale (BJ), Home Depot (HD), Lowe's (LOW), O'Reilly Automotive (ORLY) and Walmart (WMT). The U.S. consumer remains on "solid footing" amid low unemployment, rising wages, declining gas prices, manageable levels of debt, and elevated consumer confidence, Small tells investors in a research note. However, he points out that we are in the ninth year of the current economic expansion and "the possibility of a macroeconomic slowdown cannot be ignored." The analyst prefers retailers operating in "defensive sectors that are less susceptible to disruption by online competitors," namely auto parts, broadlines and home improvement retail. Small also assumed Advance Auto Parts (AAP), Best Buy (BBY), Costco (COST) and Office Depot (ODP) with Neutral ratings.

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