The ODP Corporation - ODP STOCK NEWS

Grubhub has partnered with Office Depot to add office supplies to its marketplace, marking Office Depot as the first office supplies retailer on the platform. The partnership makes over 6,000 items available for on-demand delivery from more than 800 locations across 42 states, including laptops, printers, ink, paper products, and tech accessories. The service is integrated with Grubhub+ loyalty program, offering unlimited $0 delivery fees on eligible orders. This expansion addresses a significant market need, as over 80% of office administrators report running out of essential supplies requiring same-day replacement, and 67% prefer same-day delivery options.

The ODP (NASDAQ:ODP) has announced a transformative $1.5 billion, 10-year partnership with a major strategic reseller organization. The collaboration aims to enhance procurement efficiency and deliver customized customer experiences by combining the reseller's expertise in e-commerce solutions with ODP's extensive fulfillment centers and delivery network. The partnership will focus on providing office, furniture, print, promotional, and facility resource solutions to large multi-site companies, leveraging ODP's comprehensive product offerings and award-winning e-commerce platform.

The ODP reported third quarter 2024 results with total revenue of $1.8 billion, down 11% year-over-year. The company posted GAAP EPS of $2.04 and adjusted EPS of $0.71. Performance was impacted by challenging macroeconomic conditions and lower sales across divisions. The Office Depot Division saw reduced traffic and operated with 53 fewer retail locations, while ODP Business Solutions experienced cautious business spending.

Notable developments include securing a major B2B contract potentially worth up to $1.5 billion over 10 years and completing the Varis sale. The company repurchased approximately $295 million of shares year-to-date and updated its 2024 guidance to approximately $7 billion in sales and adjusted EBITDA of $260-300 million.

ODP Business Solutions has renewed its sponsorship of Disney Institute Professional Development Courses for 2024-2025 at Walt Disney World and Disneyland resorts. The partnership focuses on courses in leadership excellence, employee engagement, and quality service. ODP's Workspace Interiors team helped create Disney Institute's new dedicated learning space, providing space planning, design, and project management services. The innovative classroom features cutting-edge technology and was designed to accommodate various learning styles, demonstrating ODP's commitment to business growth and continuing education through Disney's curriculum.

The ODP (NASDAQ:ODP) has scheduled its third quarter 2024 financial results announcement for Wednesday, November 6th, 2024, before market open. The company will host a webcast conference call with financial analysts and investors at 9:00 am Eastern Time on the same day. The webcast will be accessible through ODP's Investor Relations website, with a replay available approximately two hours after the event. Earnings press release, supplemental financial disclosures, and presentation materials will also be made available on the website.

VEYER, a leading fulfillment and distribution company, has opened a new direct import and deconsolidation center in Savannah, Ga. The 157,000-square-foot facility, part of a larger 500,000-square-foot building, will focus on handling bulky items like furniture and employ 12 dedicated staff. This marks the final step in VEYER's project to transition all warehouses to company-operated locations.

The Savannah center will support five nearby fulfillment centers and cross docks, including sites in Buford, Ga., and Orlando, Fla. It joins VEYER's network of four direct import centers across the US, with others located in Garden Grove, Calif., Grand Prairie, Texas, and Newville, Pa. In total, VEYER operates 40 fulfillment centers across North America, enhancing supply chain efficiency and cost savings for customers.

Office Depot has announced its Depot Discount Days event, running from October 3 to October 12. This sale offers up to 50% off on furniture, technology, and more, both online and in Office Depot and OfficeMax stores nationwide. Highlighted deals include:

• $190 savings on a Realspace® Electric Height-Adjustable Standing Desk
• $150 off a Realspace® Modern Comfort Winsley Office Chair
• $270 savings on an ASUS® Vivobook Go Laptop (available October 6-12 only)

The company encourages customers to join their free Rewards program for exclusive member pricing. Shoppers can take advantage of same-day delivery on eligible items or 20-minute in-store pickup for added convenience.

Office Depot, an operating company of The ODP (ODP), has announced a new partnership with Hallmark to expand its product offerings. The collaboration will bring Hallmark's iconic greeting cards, stationery, and gift wrap to more than 885 Office Depot stores across the country. This move complements Office Depot's growing party supply selection and follows recent partnerships with Telos, Dun & Bradstreet, and Dormify.

The Hallmark product assortment at Office Depot will include greeting cards, gift wrap, stationery, and party supplies. This expansion aims to position Office Depot as a one-stop destination for both office supplies and celebration needs, leveraging the retailer's existing Copy and Print centers for custom printing services.

The ODP (NASDAQ:ODP) has implemented Generative AI technology across its Office Depot and OfficeMax stores, significantly enhancing customer experience. The ODP Personal Assistant, an internally developed AI application, was launched in February 2023 and has since been integrated with comprehensive knowledge bases. A retail knowledge base was developed and made accessible in December 2023 on store computers and handheld devices.

Key benefits include immediate access to information, comprehensive knowledge bases, and an enhanced customer experience. Approximately 900 stores and 12,000 associates are now empowered with this AI integration, allowing for faster and more accurate customer service.