The Odp Corp - ODP STOCK NEWS

VEYER, a leading fulfillment and distribution company, has opened a new direct import and deconsolidation center in Savannah, Ga. The 157,000-square-foot facility, part of a larger 500,000-square-foot building, will focus on handling bulky items like furniture and employ 12 dedicated staff. This marks the final step in VEYER's project to transition all warehouses to company-operated locations.

The Savannah center will support five nearby fulfillment centers and cross docks, including sites in Buford, Ga., and Orlando, Fla. It joins VEYER's network of four direct import centers across the US, with others located in Garden Grove, Calif., Grand Prairie, Texas, and Newville, Pa. In total, VEYER operates 40 fulfillment centers across North America, enhancing supply chain efficiency and cost savings for customers.

Office Depot has announced its Depot Discount Days event, running from October 3 to October 12. This sale offers up to 50% off on furniture, technology, and more, both online and in Office Depot and OfficeMax stores nationwide. Highlighted deals include:

• $190 savings on a Realspace® Electric Height-Adjustable Standing Desk
• $150 off a Realspace® Modern Comfort Winsley Office Chair
• $270 savings on an ASUS® Vivobook Go Laptop (available October 6-12 only)

The company encourages customers to join their free Rewards program for exclusive member pricing. Shoppers can take advantage of same-day delivery on eligible items or 20-minute in-store pickup for added convenience.

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.