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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.
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.
Office Depot OfficeMax has partnered with Dormify to offer an expanded range of dorm room essentials for the 2024–2025 school year. The collection includes stylish furniture, bedding, and storage solutions available both online and in 200 stores nationwide. Customers can enjoy convenient shopping and shipping options, including free in-store/curbside pickup and free delivery on orders over $35. The new partnership aims to simplify the back-to-school shopping experience for students. Additionally, Office Depot is running a promotion where 10 people can win a $500 merchandise card for a dorm makeover, with entries open until June 24.
Office Depot has launched a new advertising campaign titled “OD Does It,” featuring Montell Jordan's hit song “This is How We Do It.” The campaign highlights Office Depot's wide range of products and services, which include custom signs, banners, furniture, office supplies, dorm décor, technology, and even TSA Pre-Check services. The ad aims to showcase Office Depot's commitment to aiding small businesses, home offices, and educational customers. The campaign is being aired nationally across various media platforms including social media, online display, and streaming services like ESPN, Paramount+, ABC, and Peacock.
The ODP (NASDAQ:ODP) announced notable changes to its Board of Directors. Effective June 10, 2024, Amy Schioldager and Evan Levitt will join the board, and Wendy Schoppert will assume the role of independent Board Chair, succeeding Joseph Vassalluzzo, who is stepping down after 11 years of service. The board will expand from seven to eight members, with an average tenure of five years. Amy Schioldager brings 25 years of experience from BlackRock, providing technical and strategic investment expertise, while Evan Levitt offers extensive financial and audit knowledge. These appointments aim to drive future profitable growth and enhance shareholder value.
The ODP (NASDAQ:ODP) has released its 2024 Corporate Sustainability Report, detailing its Environmental, Social, and Governance (ESG) practices and goals. Key achievements from 2023 include a 36% reduction in greenhouse gas emissions from 2019 levels, a 6.7% reduction in plastic use in packaging and e-commerce, and diverting 92% of waste from landfills. The company also raised $5.6 million to support Title I public schools. CEO Gerry Smith emphasized ODP’s commitment to sustainability through a ‘People, Planet, and Prosperity’ approach, underscored by their 5C Culture. The report aims to support customers' sustainability commitments and contribute positively to communities.
The ODP (NASDAQ:ODP) has announced its participation in the B. Riley Securities Institutional Investor Conference scheduled for May 22, 2024. The Company, a prominent provider of business services, products, and digital workplace technology solutions, will be represented by its executive vice president and chief financial officer, D. Anthony Scaglione, alongside vice president of investor relations and treasurer, Tim Perrott. This event aims to provide valuable insights about ODP's business strategies, financial performance, and future outlook to institutional investors.
The ODP (NASDAQ:ODP) has renewed and extended its existing asset-based credit facility to May 2029, with a value of $800 million, strengthening its financial position. The company has secured more attractive credit terms, enhancing its balance sheet and liquidity to support future growth. The renewal was oversubscribed, reflecting strong lender support and providing financial flexibility to drive business growth.
The ODP reported first quarter 2024 results with revenue of $1.9 billion and GAAP EPS of $0.40; adjusted EPS of $1.05. Despite challenges in the macroeconomic environment, the company remains on track to meet 2024 guidance. The Board of Directors approved a plan to sell the Varis Business Unit, and the company repurchased approximately $90 million of shares year to date.
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