Charges Push Office Depot to 3Q Loss
Delray Beach, Fla., Office Depot Inc. reported a loss of $47.9 million in the third quarter, as compared to an $89.3 million profit in the year-ago period. The retailer attributed the downturn to asset-impairment costs, exit costs and options expensing. Without these, the retailer’s earnings were $115 million in the quarter. Revenues increased 5% to $3.49 billion in the quarter.