Office Depot loss widens
| 05 August, 2014
Office Depot raised its outlook for the full year despite posting a loss of $190 million in the second quarter, compared to a loss of $64 million in the same period of 2013. Sales rose to $3.8 billion from $2.4 billion, including sales from OfficeMax, which Office Depot acquired in 2013.
"Based on accelerated synergies and improving execution, we have updated our full year 2014 outlook for adjusted operating income to be not less than $200 million, an increase from our prior outlook of not less than $160 million," Chief Executive Roland Smith said in a statement, adding that Office Depot is still expecting to close at least 400 U.S. locations by end 2016.