Office Depot sales increase following CompuCom acquisition
| 09 May, 2018
Office Depot has announced results for the first quarter ended March 31, 2018 with sales of $2.8 billion compared to $2.7 billion in the first quarter of 2017, an increase of 6%.
As a result of the CompuCom acquisition, Office Depot’s service revenues now make up approximately 14% of the Company’s total sales..
“I am extremely pleased that we continue to see positive momentum in our core businesses and delivered financial results in the first quarter which, although lower than the prior year, exceeded our recent outlook,” said Gerry Smith, chief executive officer of Office Depot.
“We achieved a major milestone this quarter with the Business Solutions Division reporting positive sales growth for the first time since 2012. This is largely driven by our focus on growing the customer base with our demand generation efforts and successfully expanding our offerings beyond office products. When combined with CompuCom, these business-to-business (B2B) focused divisions represent nearly 60% of total sales. I’m also pleased that our continued focus on working capital management allowed us to generate strong cash flows in the quarter, which further strengthens our liquidity and provides additional capital to strengthen our operations and invest in growth initiatives.”