In its second-largest acquisition, Amazon buys the company for $970 million.
Office Depot Inc.’s U.S. web sales reached $850 Million in 2000, up 143% over 1999. It expects web sales to hit $1.5 billion this year.
Office Depot Inc.’s U.S. web sales reached $850 Million in 2000, up 143% over 1999, the company announced today. Total sales for fiscal 2000 increased 13% to $11.6 billion vs. $10.3 billion in 1999. The web accounted for 7.3% of all sales. The company said it expects web sales this year to reach $1.5 billion. In the fourth quarter, the company increased domestic Internet sales by 114% to $275.5 million, 9.2% of fourth quarter sales of $3 billion.
Office Depot also reported that comparable store sales in the 818 stores throughout the U.S. and Canada that have been open for more than a year decreased 5% for the fourth quarter and were flat for fiscal 2000. Sales continued to be impacted by softness in technology related products including desktops, laptops, monitors and printers. The related "market basket" of higher margin goods historically linked to purchases of these items was also negatively affected.