Welcome to our dedicated page for The ODP Corporation news (Ticker: ODP), a resource for investors and traders seeking the latest updates and insights on The ODP Corporation stock.
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.
Office Depot, a subsidiary of The ODP Corporation (NASDAQ:ODP), announced a $250,000 donation to Boys & Girls Clubs of America during its 'Depot Day of Service' initiative. The donation aims to enhance 18 clubhouses across the nation, supporting local communities. From May 1 to May 8, associates will participate in over 30 service projects to improve facilities for kids and teens. This initiative reflects Office Depot's commitment to community engagement and educational support, benefiting approximately 250,000 youth nationwide.
Office Depot has recognized 19 organizations for their leadership in green purchasing, emphasizing positive environmental practices. Awardees include notable entities like the City of Chicago and the University of California, Davis. The recognition is based on their spending on eco-friendly products and certifications like FSC and EPEAT. Shannon Hunter, Office Depot's VP of Merchandising Operations, noted that rewarding greener actions can inspire broader changes in purchasing habits. The company aims to enhance green product uptake through resources like The Green Book® Digital Catalog and regular promotions.
The ODP Corporation (NASDAQ:ODP) will announce its Q1 2021 financial results on May 5, 2021, before market opening. A webcast for financial analysts and investors is scheduled for the same day at 9:00 am ET, which will be accessible to the media and the public. The webcast can be accessed through the ODP Investor Relations website, with a replay available two hours post-event. The company provides business services and products through its B2B distribution platform, including brands like Office Depot and OfficeMax.
CompuCom, a subsidiary of The ODP Corporation (NASDAQ:ODP), has joined the global Women in Technology (WiT) Network as a corporate member. This partnership empowers female associates through networking, mentoring, and education initiatives. CompuCom aims to create a more inclusive workplace, supporting gender equality and leadership opportunities for women. The membership aligns with their long-term commitment to gender equality, especially in the face of challenges posed by COVID-19. Through WiT, CompuCom will enhance its efforts in fostering a diverse workforce.
On March 31, 2021, USR Parent, Inc. (Staples) announced it is evaluating all options for acquiring assets from The ODP Corporation (NASDAQ: ODP). This follows ODP's March 15 announcement regarding a potential sale of certain assets. Staples has paused its planned March 2021 tender offer for ODP's common shares but retains the option to proceed in the future. Staples is currently working with regulatory bodies, including the FTC and Canadian Competition Bureau, to secure necessary clearances for the proposed transaction.
The ODP Corporation (NASDAQ:ODP) updated investors on the malware incident that affected its subsidiary, CompuCom, on March 1, 2021. The Company expects a revenue loss between $5 million and $8 million for March, due to service suspensions. Additionally, accrued expenses may reach $20 million as CompuCom restores services. Although some operations continued, full service restoration is anticipated by the end of March. ODP holds cyber insurance to mitigate these losses. The final financial results will be disclosed on or about May 5, 2021.
The ODP Corporation (NASDAQ:ODP), a top provider of business services and digital workplace technology, announced that D. Anthony Scaglione, EVP and CFO, will participate in a virtual fireside chat at Sidoti & Company’s Spring Virtual Investor Conference on March 24 at 8:30 am (ET). The event will be accessible via the company's investor relations website for 90 days post-conference. ODP offers a comprehensive B2B distribution platform, serving small to enterprise businesses through brands like Office Depot and OfficeMax.
The ODP Corporation's Board of Directors has unanimously rejected a proposal from USR Parent Inc., the owner of Staples, to acquire various ODP assets. The proposal, dated March 10, 2021, lacked clear asset valuation and commitment from Staples to proceed with the transaction. While open to discussions around a potential joint venture or sale under acceptable terms, ODP emphasized its focus on building its B2B strategy. The rejection underscores ODP's commitment to maximizing shareholder value and navigating regulatory processes without obligation to engage with Staples.
CompuCom, a subsidiary of The ODP Corporation (NASDAQ:ODP), reported a malware incident affecting some customer services. The investigation is ongoing, with no indication of direct impact on customer systems so far. Immediate containment measures have been implemented, and cybersecurity experts are engaged. CompuCom is working to restore services promptly and appreciates customer support during this disruption. The company specializes in managed workplace services and digital solutions for businesses of all sizes.
The ODP Corporation (NASDAQ: ODP) reported a 4Q20 revenue of $2.3 billion, a 9% decline year-over-year, driven by the ongoing impacts of the COVID-19 pandemic. Operating income was $21 million, down from $74 million in 4Q19. For FY20, total sales dropped to $9.7 billion, with a net loss of $319 million compared to a net income of $99 million in FY19. Despite challenges, ODP reported a liquidity of $1.7 billion and continued to invest in its B2B pivot and digital transformation, partnering with Microsoft to enhance its offerings.
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