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The ODP Corporation Common Stock (symbol: ODP) represents a company deeply embedded in the business services and office product supply chain. Operating under notable brands like Office Depot®, OfficeMax®, and Grand & Toy®, ODP Corporation serves a diverse range of customers from individual consumers to large enterprises.
One of the core segments is ODP Business Solutions, which targets small to enterprise-level companies with a variety of products including office supplies, technology, furniture, and business services. This segment aims to streamline operations for businesses, enhancing productivity and efficiency.
The Office Depot Division caters primarily to retail consumers and small businesses through a network of approximately 1,400 retail stores and eCommerce platforms. This division provides essential office products, technology, and services designed to support the daily operations of its customers.
The Veyer Division focuses on supply chain, distribution, and procurement services, serving both internal and third-party clients. With an emphasis on global operations, this division ensures efficient and reliable logistics and supply chain management.
A notable innovation from ODP Corporation is the Varis Division, which offers a tech-enabled B2B indirect procurement marketplace. This division provides businesses with a seamless buying experience and advanced spend management tools, aiming to optimize procurement processes and control costs.
Financially, the company reported approximately $11 billion in annual sales for 2016 and employs around 38,000 associates. The revenue primarily stems from the Veyer Division. ODP Corporation's extensive network of wholly owned operations, franchisees, licensees, and alliance partners solidifies its position as a key player in the global office products and business services market.
Stay tuned for the latest updates as ODP Corporation continues to innovate and expand its suite of services to meet the evolving needs of its customers.
The ODP Corporation (NASDAQ:ODP) will announce its third quarter 2021 financial results before the market opens on November 3, 2021. Following this, a conference call will be held at 9:00 am ET for investors and analysts, which will be accessible to the public. The earnings press release, along with supplemental financial disclosures, will be available on the company's Investor Relations website.
ODP provides a range of business services, products, and digital workplace technology through its B2B distribution platform, which includes approximately 1,100 stores.
Office Depot's Start Proud® Community Investment Program has provided over $3.8 million in educational supplies to students and Title I schools. The initiative involved over 18,000 premium backpacks filled with $1.8 million worth of school supplies and included a $20 gift card for additional essentials. Nearly $2 million was raised through customer contributions for more than 70 Title I schools. This program aims to ensure students and teachers have resources for success, while also recognizing dedicated educators with technology and teaching supplies valued at $2,000.
Office Depot has announced the launch of its '20 Minute Pickup Promise,' allowing customers nationwide to receive online and mobile orders in-store or curbside within 20 minutes. The service is designed to enhance convenience, particularly during the holiday season, with a guarantee that customers will receive $20 off their next purchase if their order isn't ready in time. This initiative aims to support small businesses and individuals by providing swift access to office supplies and technology through its extensive network of approximately 1,100 locations.
The ODP Corporation (NASDAQ: ODP) has announced the upcoming departure of its Executive Vice President, Chief Legal & Administrative Officer, N. David Bleisch, effective April 30, 2022. The company's CEO, Gerry Smith, expressed gratitude for Bleisch's contributions and highlighted the importance of a smooth transition for his successors. ODP is conducting a search for Bleisch's replacement to lead its legal functions following the anticipated separation of the business in the first half of 2022. ODP operates approximately 1,100 stores and provides business services, products, and digital workplace technology.
The ODP Corporation (NASDAQ: ODP) announced that Richard Haas, Senior Vice President and Chief Accounting Officer, will leave the company effective April 1, 2022, to pursue other interests. Haas has been in the position since May 2019 and joined the company in January 2014. CEO Gerry Smith expressed appreciation for Haas's contributions and indicated that he will assist in the transition until his departure. The company is now searching for a successor to fill the role.
Office Depot has renewed its sponsorship of Selfmade, a 10-week virtual startup school for women, enabling 200 women to participate for free, focusing on underserved communities. The initiative has already provided 800 scholarships, empowering female entrepreneurs with personalized instruction and resources to launch and grow their businesses. This program highlights the company's commitment to supporting diversity in entrepreneurship, with notable instructors like Katrina Lake and Toni Ko. Selfmade aims to help women navigate business challenges while fostering community and collaboration.
The ODP Corporation (ODP) reported a 6% increase in 2Q21 sales to $2.3 billion, compared to $2.2 billion in 2Q20. Net loss narrowed to $88 million, or $(1.62) per share, versus $439 million, or $(8.19) per share, in the prior year. Adjusted operating income rose to $44 million from $10 million in 2Q20, while adjusted EBITDA increased to $93 million from $59 million. The Retail Division maintained flat sales despite fewer outlets, driven by strong demand in core categories. The company has $1.7 billion in available liquidity and is advancing its separation into two focused companies, expected to be completed in H1 2022.
The ODP Corporation (NASDAQ:ODP) plans to release its second quarter 2021 financial results on August 4, 2021, before market opening. A conference call for analysts and investors will be held at 9:00 AM ET on the same day, which will be accessible to the public through a webcast on the ODP Investor Relations website. The company is a leading provider of business services and digital workplace technology solutions via an integrated B2B distribution platform, operating approximately 1,100 stores and several banner brands.
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