The ODP Corporation - ODP STOCK NEWS

The ODP Corporation (NASDAQ: ODP) reported Q4 2021 revenue of $2.0 billion, a 2% decline year-over-year, primarily due to 116 fewer retail locations. However, GAAP operating income rose to $31 million from $20 million in Q4 2020, with a net income of $32 million or $0.61 per diluted share. For the full year, total sales reached $8.5 billion, down 5% from 2020, but operating income increased significantly to $234 million. The company committed over $300 million to shareholders through stock buybacks in 2021 and advanced initiatives in its B2B and digital platforms, despite macroeconomic challenges.

The ODP Corporation (NASDAQ:ODP) launched Elevate Together™ to support Black- and Hispanic-owned small businesses. In its first year, the initiative raised nearly $2.3 million, awarding cash grants to 89 businesses. With an initial investment of $250,000, the program offers technical assistance, mentorship, and workshops in several U.S. cities, including Atlanta and Los Angeles. Future expansion is planned for cities like Dallas and Detroit. The initiative aims to address systemic racial disparities in business growth.

The ODP Corporation (NASDAQ:ODP) will release its fourth quarter and full year 2021 financial results on February 23, 2022, before market open. A conference call for analysts and investors is scheduled for 9:00 AM ET on the same day, accessible to the public via a webcast on the company's investor relations website. ODP Corporation operates a comprehensive B2B distribution platform, offering business services, supplies, and digital workplace technology through notable brands such as Office Depot and ODP Business Solutions.

Office Depot continues its commitment to women's entrepreneurship by fully funding 600 scholarships for the Selfmade course in 2022. This initiative, aimed at women from underrepresented communities, will provide free access to a 10-week virtual startup program, alongside curated resources to assist in business growth. Since its launch in 2020, over 2,400 women have engaged with Selfmade, with Office Depot supplying 800 full scholarships. The company aims to empower women entrepreneurs, particularly in light of the pandemic's economic challenges.

Office Depot (NASDAQ:ODP) has been named the official sponsor of Disney Institute Online Courses and National Geographic Live events in North America for 2022. This collaboration aims to support personal growth through professional development and educational presentations. Participants in Disney Institute courses will receive a special link for Office Depot supplies, along with a complimentary Disney art print for certain orders. The National Geographic Live tour includes 215 events across the U.S. and Canada, enhancing Office Depot's community engagement and sustainability efforts.

The ODP Corporation (NASDAQ:ODP) announced a delay in its planned public company separation to consider offers for its consumer business. USR Parent, Inc. has proposed a $1 billion cash acquisition for the consumer segment, encompassing Office Depot and OfficeMax retail operations. Additionally, another undisclosed third-party proposal has been received. The ODP Board is assessing both proposals with financial and legal advisors, emphasizing a focus on maximizing shareholder value. There is uncertainty regarding the sale and its terms, along with ongoing evaluations of the company’s strategic direction.

The ODP Corporation (NASDAQ: ODP) announced the sale of its CompuCom Systems subsidiary to Variant Equity for up to $305 million, marking a significant step in realigning its core business strategy. The transaction will enhance the company’s focus on its B2B assets and digital platform.

Additionally, ODP increased its share repurchase authorization by $200 million, bringing the total to $650 million. This move is expected to return over $300 million in capital to shareholders in 2021.

Office Depot has partnered with Best Buddies International to promote employment opportunities for individuals with intellectual and developmental disabilities (IDD) in Florida and California. This initiative aims to create a more inclusive work environment and provides integrated job opportunities for those participating in the Best Buddies Jobs program. The collaboration aligns with Office Depot's commitment to fostering an inclusive workplace and supporting diverse talents, ultimately enhancing workforce motivation and customer satisfaction.