Office Depot’s Profits Dip
Delray Beach, Fla., Office Depot said Tuesday its third-quarter results fell 9%. The office supply chain cited the economic slowdown in the U.K., and higher costs in North America.
Net income fell to $117.5 million in the three months ended Sept. 29, compared to $129.1 million for the quarter a year ago. The latest period also includes a $33 million tax benefit.
"There are signs of an economic slowdown in the U.K. which, if it persists, could provide continued challenges to the division's operations in the future,” an Office Depot spokesman said in a statement.
While sales climbed 2% to $3.94 billion from $3.86 billion a year ago, North American same-store sales fell 5% for the quarter.