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3 months ago
Office Depot profit more than doubles on store sales, lower costs
May 9, 2017 / 11:03 AM / 3 months ago

Office Depot profit more than doubles on store sales, lower costs

May 9 (Reuters) - Office supply chain Office Depot Inc reported its first-quarter profit more than doubled, helped by the sale of some stores and lower costs.

The company's net income rose to $116 million, or 22 cents per share, in the quarter ended April 1, from $46 million, or 8 cents per share, a year earlier.

Net sales fell to $2.68 billion from $2.88 billion.

Same-store sales in the company's North America retail business fell 5 percent, mainly due to lower customer visits to its stores. (Reporting by Karina Dsouza in Bengaluru; Editing by Savio D'Souza)

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