Office Depot profit falls
NEW YORK (Reuters) - Office Depot Inc (ODP.N), the world's second-largest office supplies retailer, reported a lower quarterly profit on Tuesday as U.S. same-store sales fell and promotions pressured margins.
Office Depot, which delayed its earnings release by three weeks because of an audit review of its vendor program funds, said third-quarter net income was $117.5 million, or 43 cents per share, compared with a restated $129.1 million, or 45 cents per share, a year ago.
Earlier this month Office Depot said accounting errors would cause it to reduce earnings for some prior periods due to non-cash adjustments.
The Delray Beach, Florida-based company said revenue rose to $3.94 billion from $3.86 billion a year ago.
Office Depot said it sought input during the quarter from various investment banks on alternative capital strategies and that recommendations suggest its current strategy is the most appropriate at this time. Nonetheless, it said it has hired Peter J. Solomon Co. to review its capital structure options and independently advise it on the proper course of action.
(Reporting by Martinne Geller; editing by Steve Orlofsky)
