UPDATE 1-Office Depot posts Q1 profit on lower costs
* Q1 EPS ex-items 5 cents, in line with Street view
* Sales fall 3.4 pct to $2.87 billion
NEW YORK May 1 (Reuters) - Office Depot Inc reported a quarterly profit versus a year-ago loss as the second-largest U.S. office supply retailer kept a tight lid on costs to offset weak sales.
Net earnings were $41 million, or 14 cents a share, in the first quarter, compared with a year-ago loss of $15 million, or 5 cents a share.
Excluding one-time charges, debt extinguishment costs and a favorable pension settlement, the profit was 5 cents a share, in line with analysts' average forecast, according to Thomson Reuters I/B/E/S.
Sales fell 3.4 percent to $2.87 billion, while analysts expected $2.89 billion.