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, 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.
Office Depot and OfficeMax have raised over $14 million since 2020 to support education, impacting nearly 2,500 Title I public schools, 100,000 teachers, and 1.25 million students. The company's initiatives include:
1. A school supply drive program in partnership with Round It Up America®
2. The Start Proud!® Community Investment Program, providing $500,000 worth of supplies
3. Classroom Wish Lists for teachers, offering 5% back in rewards
4. Exclusive Teacher Deals and Online Discounts
The Start Proud!® program includes distributing 4,000 premium backpacks and hosting teacher shopping sprees. The Give Back to Schools program allows shoppers to support local schools with 5% of their purchase going towards free supplies credits.
ODP Business Solutions, a leading workplace solutions provider, has expanded its portfolio by adding the Nespresso Professional product line. This new offering includes commercial-grade coffee makers and accessories designed for businesses of all sizes. The line features the latest Momento and Zenius machines, available in plumbed and non-plumbed versions, along with espresso pods and accessories.
Nisha Brown, VP of Marketing and Product Management at ODP Business Solutions, emphasized that this addition aims to provide customers with an elevated coffee experience in their workplaces. The Nespresso Professional line maintains the brand's high quality and sustainability standards. ODP Business Solutions customers can now order these products through the company's website or by contacting their sales representatives.
The ODP (NASDAQ:ODP) announced that D. Anthony Scaglione, executive vice president and chief financial officer, will be stepping down from his role to pursue another career opportunity. His last day with the company will be September 13, 2024. CEO Gerry Smith praised Scaglione's contributions over the past four years, highlighting the company's progress in transformation and strengthened foundation for future profitable growth.
Scaglione expressed pride in the company's achievements and its positioning for continued strategic transformation. To ensure a smooth transition, Scaglione will continue working closely with Smith until his departure, supported by ODP's experienced financial reporting and accounting team. The company is formulating plans to fill the CFO role.
The ODP (NASDAQ:ODP) reported Q2 2024 results with total revenue of $1.7 billion, down 10% year-over-year. The company posted a GAAP loss per share of $(0.12) and adjusted EPS of $0.56. Key highlights include:
- ODP Business Solutions sales down 8% to $917 million
- Office Depot sales down 12% to $799 million
- Repurchased $104 million of shares in Q2, $191 million year-to-date
- Progressing on Project Core to drive future cost savings
- Entered non-binding term sheet for Varis sale
- Updated FY 2024 guidance: Sales at least $7 billion, Adjusted EPS $4.25-$5.00
The company cited macroeconomic challenges and cautious business spending as factors impacting performance. ODP is implementing growth initiatives and cost-saving measures to improve future results.
The ODP (NASDAQ:ODP), a leading provider of business services, products, and digital workplace technology solutions, has announced that it will release its second quarter 2024 financial results on Wednesday, August 7th, 2024, before the market opens. The company will host a webcast conference call at 9:00 am Eastern Time on the same day to discuss the results with financial analysts and investors.
Interested parties can access the webcast through The ODP 's Investor Relations website. A replay of the webcast will be available approximately two hours after the event. Additionally, the company will make available a copy of the earnings press release, supplemental financial disclosures, and presentation on their website.
Office Depot (ODP) launches its back-to-school campaign with savings up to 60% on best-selling school supplies. The company introduces new features like Classroom Wish Lists, allowing teachers to create customized lists and earn 5% back in rewards. The campaign includes a $500 merchandise card giveaway for educators and an expanded dorm essentials collection through a partnership with Dormify.
Key offerings include low prices starting at $0.50 for essential supplies, 25% off select backpacks, and instant discounts for Rewards members. The company also provides convenient shopping options like 20-minute in-store pickup and same-day delivery. Office Depot aims to support teachers, students, and parents with a wide range of products and services to ensure a successful school year.
Office Depot has announced its Summer of Savings campaign, featuring significant discounts and promotions. The highlights include:
1. Depot Discount Days from July 16-18, offering over 50% savings on furniture, tech, and supplies.
2. Tax-Free holidays in select states, starting as early as July 12.
3. FREE Same-Day Delivery on eligible items from July 14-20.
4. Back-to-School savings of up to 60% on school supplies.
The campaign aims to provide customers with substantial savings on a wide range of products for school, work, and home. Rewards members can also earn 15% back in bonus rewards on qualifying in-store purchases during tax-free holidays.
Office Depot has announced a new collaboration with Dun & Bradstreet to launch the Power.Up™ program, aimed at helping small business owners with a variety of services. These new offerings include business credit services, marketing data analysis, email campaign management, social media advertising, and more. The initiative is designed to save businesses time and money, improve efficiency, and support their growth. Customers can access these services through Office Depot and OfficeMax stores nationwide, with representatives available to discuss the program in select locations.
According to Kevin Moffitt, EVP of ODP , this partnership combines Dun & Bradstreet's expertise with Office Depot's business solutions to better meet the needs of their customers. The program also addresses current challenges like inflation and supply chain issues, providing tailored solutions for better business management.
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