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Web sales at Office Depot stay flat in 2010
The office supply retailer posts a 4.2% decline in total sales.
Senior Editor, Research
Web sales held the line while total sales dipped in 2010 for multichannel office supplies retailer Office Depot Inc.
For the year ended Dec. 25, Office Depot reported:
- Online sales were flat at $4.1 billion compared with 2009.
- Total sales were $11.6 billion, down by 4.1% from $12.1 billion.
- Net loss was $2 million, compared with a net loss of $627 million in 2009.
Internet Retailer calculates that the web made up 35.3% of total revenue in 2010, compared with 33.9% in 2009.
“Our fourth quarter operating results were stronger than we anticipated,” says Neil Austrian, interim chairman and CEO. “We are taking the necessary steps to improve the future operating performance of this company.”
It was a tumultuous year for Office Depot, No. 5 in the Internet Retailer Top 500 Guide, which included the resignation of its CEO Steve Odland on Nov. 1 and payment of $1 million to the U.S. Securities and Exchange Commission to settle charges that the retailer improperly disclosed earnings estimates.
Office Depot doesn’t break out quarterly web sales, but for the fourth quarter did report:
- Total sales were $3.0 billion, down by about 3.2% from $3.1 billion in the prior year quarter.
- Net loss was $57.8 million compared with a loss of $76.7 million in the fourth quarter of 2009.
- Comparable-store sales decreased 1%.