The ODP Corporation Announces First Quarter 2023 Results
Highlights from the ODP Corporation’s first quarter financial results are as follows:
- Total reported sales of $2.1 billion, down 3% versus the prior year, primarily due to lower sales in its Office Depot consumer division, largely driven by 73 fewer retail locations in service compared to the prior year, as well as lower traffic; partially offset by stronger sales in its B2B distribution division, ODP Business Solutions
- GAAP operating income of $95 million and net income from continuing operations of $72 million, or $1.71 per diluted share, versus $76 million and $55 million, or $1.09 per diluted share, respectively in the prior year
- Adjusted operating income of $99 million, compared to $88 million in the first quarter of 2022; adjusted EBITDA of $131 million, compared to $125 million in the first quarter of 2022
- Adjusted net income from continuing operations of $75 million, or adjusted diluted earnings per share from continuing operations of $1.78, versus $64 million or $1.27, respectively in the prior year
- Operating cash flow from continuing operations of $157 million and adjusted free cash flow of $133 million, versus $30 million and $16 million, respectively in the prior year
- $1.1 billion of total available liquidity including $343 million in cash and cash equivalents at quarter end
“We’re making solid progress along the path we set during our investor day meeting, highlighted by driving organic growth at ODP Business Solutions, our $4 billion annual revenue B2B distribution business, and generating strong cash flow results in our consumer business, Office Depot,” said Gerry Smith, chief executive officer of The ODP Corporation.
To view the full results, visit the Business Wire website.
Source: Yahoo Finance
Walmart Taps Company Veteran as Chief Merchant
Latriece Watkins has replaced Charles Redfield as Walmart chief merchandising officer. Redfield, who was with the retail giant for more than three decades and chief merchant for about a year, announced his departure in April.
Amid a shuffle of leadership in 2020, Watkins was promoted to executive vice president of the important consumables category. Before that she led merchandising for baby, beauty, pets and various household and personal care product lines, according to her LinkedIn.
To read the full story, visit the Retail Dive website.
Grand & Toy Launches ‘Brand Refresh’ as It Narrows Focus to Business Customers
Grand & Toy has spent nearly a decade returning to its 141-year-old roots as a business-to-business supplier of office products and services. Grand & Toy now has 30,000 business customers in 20 different industries across the country, ranging from large retailers and financial institutions to the federal government and small businesses.
The company is launching what it calls a “brand refresh” with the slogan Give Work Life to help make Grand & Toy’s raison d’être more clear in the marketplace. The website will become fully gated in May, only allowing business customers with an account to log into the site to buy goods.
It’s a shift precipitated in part by increasing competition and the digitization of work. While demand for Grand & Toy’s traditional product categories like printer paper and toner slowed during the pandemic, it was offset by companies’ desire to create more connected, flexible and clean workspaces, Chris Henwood, senior director of marketing and product management, said. Grand & Toy is now expanding in categories like health and safety, technology, office design and furniture and break room experiences.
Grand & Toy wants to help its business customers solve the ongoing dilemma of how to make office life more appealing to workers.“We want to help our customers create an office space that is more like home,” he said. “It could be creating spaces for people to collaborate, rethinking a break room or outfitting meeting rooms with technology that allows you to operate in a hybrid world.”
To read the full article, visit the City News website.
Domtar’s Celebrates Its 175th Anniversary
Domtar was built on more than a century of anticipating what their customers need and what consumers want to buy for everyday living. It’s 175-year history tells a story of entrepreneurship, ingenuity and, perhaps most of all, adaptations. As they celebrate this significant Domtar anniversary, we’re reminded that change — at the right place and time — has been key to their long and successful story. This has brought us opportunities to move forward with new purpose and prosper in new ways.
Domtar prides itself on making products people around the world rely on every day. It was true in the early 1900s, and it’s true today. The materials and products that people need have changed in the past 175 years, and so has Domtar.
You are invite you to celebrate Domtar’s past and look forward to it future by taking two minutes to watch the following video. Watch Domtar’s Anniversary celebration video by visiting the YouTube website.
Office Depot Survey Reveals More Than a Third of Respondents Could Not Do Their Jobs With Their Original Home Office Setups
Office Depot’s First Annual Home Office Survey revealed that having a dedicated office space when working from home is more important than ever. In the new survey of 2,000 people who work mostly or entirely remotely, over half (63%) now work primarily from a dedicated home office. Whereas prior to the pandemic, when respondents worked outside of the office, they reported working from a hotel (43%), a friend or family member’s home (36%) or a coffee shop (28%).
77% of respondents said at least half of their time is spent in their home office compared to all the other rooms in their home, and they are investing both time and money to make it as personalized and productive as possible. The average remote worker has spent about $1,700 of their own money on equipment or tools to work more comfortably from home, with 30% claiming they have “remodelled” their workspace at least three times since they first started working from home. Some respondents valued a dedicated home office space so much they even purchased a new house, as more than half (55%) of people who recently moved said they did so, at least in part, because they needed a better home office workspace.
To read the full survey results, visit the Globe and Mail website.
ACCO Brands Reports First Quarter 2023 Results Highlighted by Improved Margins and Cash Flow
Highlights from ACCO Brand’s first quarter financial results are as follows:
- Reported net sales of $403 million, above outlook
- Gross margins improved 250 basis points year-over-year
- Operating income of $10.1 million grew 49% year-over-year, adjusted operating income of $24.3 million grew 8% year-over-year
- ACCO Brands North America reported first quarter segment net sales of $176.7 million which decreased 15.3% versus the prior year. This reflected reduced volumes due to a weaker macroeconomic environment, lower early back-to-school purchases by retailers and lower demand for technology accessories.
- EPS of ($0.04), adjusted EPS was $0.09, above outlook
- Net operating cash outflow improved $82 million from last year driven by better working capital management
- Reiterates full year 2023 outlook supported by better than expected first quarter results
To read the full results, visit the Yahoo Finance website.
