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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) 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.
The ODP Corporation (NASDAQ: ODP) is enhancing its collaboration with Microsoft to improve growth and efficiency among B2B customers. This partnership will utilize Microsoft Azure for migrating workloads and introduce ODP’s digital procurement platform to Microsoft Dynamics 365 Business Central users, optimizing procurement processes. CEO Gerry Smith highlighted this as a significant step in ODP’s transformation into a leading B2B provider. Additionally, technology expert Prentis Wilson has joined ODP to spearhead the new technology business focused on modernizing B2B sourcing and supply chains.
The ODP Corporation (NASDAQ: ODP) has acquired BuyerQuest Holdings, a leader in cloud-based Procure-to-Pay software, enhancing its B2B distribution platform. This acquisition speeds up ODP's tech development, enabling a comprehensive eCommerce and supply chain platform that transforms business transactions. BuyerQuest, known for its efficient eCommerce solutions, manages substantial monthly spending for major organizations across various sectors. CEO Gerry Smith emphasizes the strategic alignment of BuyerQuest’s capabilities with ODP's goals, supported by the recent addition of industry veteran Prentis Wilson to the team.
The ODP Corporation (NASDAQ: ODP) has appointed Prentis Wilson to lead its new technology initiative aimed at enhancing B2B sourcing, purchasing, and supply chain solutions. Wilson, with a background at Amazon Business and Boxed.com, is tasked with driving digital transformation within the company. ODP seeks to capture a share of the $8 trillion B2B market, emphasizing the need for suppliers to adopt advanced eCommerce technologies. This move is part of ODP's broader strategy to evolve into a leading B2B platform.
Brit + Co has announced the third cohort of Selfmade, a 10-week virtual startup school for women, supported by Office Depot and H&R Block’s Block Advisors. The program aims to empower 400 women, especially from underserved communities, providing them with free access to personalized coaching, workshops, and tools to start or grow their businesses. Notably, participants will receive a Selfmade Welcome Kit and guidance on small business taxes. Registration is open, with classes starting on March 1.
The ODP Corporation (NASDAQ:ODP) will host an enhanced earnings event on February 24, 2021, at 9:00 am Eastern Time. Senior management will discuss the company's 2020 performance, 2021 outlook, capital deployment plans, and digital transformation updates. While the investor day event is postponed, further details will be shared accordingly. The event will be web accessible to the media and the public, with a replay available shortly after. For more information, visit the company's Investor Relations website.
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