ODP Should Drop Those Donald Trump ads- "buy a year's supply of paper and pens", just like real estate - LOL !
Office Depot guides below Q3 and Y04 guidance (ODP) 16.20: Co announced that it expects Q3 EPS to fall below current First Call consensus estimates. Co expects to report Q3 EPS of $0.26-0.28, Reuters consensus is $0.33. Co does not expect to recover this shortfall during Q4, and sees additional risks primarily because of a lowered sales outlook for the balance of the year across all business segments. Co cites continued softness in European contract sales, lower than expected sales growth in N. American Business Services Group contract and commercial sales, and weaker than expected N. American Retail comps have contributed to the reduced revenue outlook. As a result, ODP now expects Y04 EPS to be in the range of $1.08-1.14, Reuters consensus is $1.22. Co comments, "Although we have not completed Q3, a number of factors indicate that we will not meet consensus expectations for the current quarter or the year. Revenues in the quarter have not met our expectations across all three of our business units. In addition, we have sustained unexpected costs and lost sales from the impact of three major storms and the contingency planning for a fourth storm, Hurricane Ivan. A significant portion of the Company's North American revenue base comes from the areas impacted by the recent storms, and our global headquarters in Delray Beach, Florida, was closed for four business days."
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