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.
The ODP Corporation (NASDAQ:ODP) announced that its Chief Financial Officer, D. Anthony Scaglione, will participate in a fireside chat at the UBS Global Consumer & Retail Conference on March 15 at 2:00 pm ET. The session will be webcast live, and a replay will be available on the company’s investor relations website at investor.theodpcorp.com. The ODP Corporation is known for its integrated B2B distribution platform, offering a wide range of business services and products through its brands, including Office Depot and OfficeMax.
The ODP Corporation (NASDAQ: ODP) announced a share buyback agreement to repurchase 2 million shares from HG Vora Special Opportunities Master Fund at $44.55 per share, totaling approximately $89.1 million. This transaction is part of ODP's $1 billion share buyback program initiated on November 2, 2022, and will be financed through borrowings under its asset-based lending facility. Following the buyback, HG Vora will retain 3 million shares, about 7.9% of the company's total stock. ODP's leadership views this move as a commitment to returning capital to shareholders while expressing confidence in its four-business unit strategy.
Office Depot has announced the launch of its new brand platform, Imagine Success, aimed at empowering customers including small business owners, home office workers, teachers, and students. This initiative will be implemented in Office Depot and OfficeMax stores, as well as online, providing resources for achieving individual success. The company will share real success stories through its marketing channels and is hosting the “Success in the Making” contest until April 6, 2023, with prizes for creative entries. The platform signifies a commitment to understanding customer needs and enhancing engagement.
The ODP Corporation (NASDAQ:ODP) reported its fourth quarter and full-year 2022 results, showing a 3% increase in quarterly revenue to $2.1 billion. GAAP EPS reached $0.76 with a net income of $36 million, reflecting operational improvements despite challenges like store closures and inflation. For the year, total sales were $8.5 billion, flat compared to 2021. The company announced a new $1 billion share repurchase plan, emphasizing shareholder value. Looking ahead, ODP projects 2023 sales between $8.0 billion and $8.4 billion, cautiously optimistic amid ongoing economic challenges.
The ODP Corporation (NASDAQ:ODP) announced it will demonstrate its Varis platform on March 2, 2023, at 1:00 pm ET in New York City. Varis offers a tech-enabled B2B digital platform that enhances the buying experience for businesses with advanced spend management tools and a network of suppliers. The event will feature a platform demonstration and a presentation led by Prentis Wilson, allowing attendees to learn more about Varis. Interested analysts and investors can register by contacting ODP corporate events.
ODP is a leading provider of business services and products, operated through brands like Office Depot and OfficeMax, focusing on an integrated B2B distribution platform.
The ODP Corporation (NASDAQ:ODP) has appointed Max Hood as Senior Vice President, Chief Accounting Officer & Controller, effective February 26, 2023. Hood, who joined ODP in 2018, will oversee Accounting, Financial Systems, and External Reporting. His previous experience includes roles at GE, where he served as Global Operations Controller for a $10B energy division. The company is consolidating finance functions to enhance efficiency. Changes in finance leadership also involve Tim Perrott, Lauren Werle, and Adam Haggard taking on expanded roles. ODP will announce Q4 and full-year 2022 financial results on March 1, 2023.
The ODP Corporation (NASDAQ:ODP) will announce its fourth quarter and full year 2022 financial results on March 1, 2023, before the market opens. A conference call for analysts and investors is scheduled for 9:00 AM Eastern Time on the same day, accessible to the media and public. Investors can listen to the call via the Investor Relations page at investor.theodpcorp.com. A replay will be available two hours after the event. ODP provides B2B distribution solutions, digital procurement, and operates retail stores under the Office Depot and OfficeMax brands.
Office Depot is sponsoring 400 Selfmade scholarships in 2023 to support female entrepreneurs. This initiative enables underserved women to access resources and mentorship to launch and grow their businesses through the Selfmade program, which has already guided over 3,500 women since 2020. Scholarships cover the Grow membership, offering on-demand courses, expert mentorship, and a supportive community. Notable past speakers include Sara Blakely and Shiza Shahid. Applications for the scholarships are due by March 14, 2023. The program aims to empower women in business and enhance their entrepreneurial journeys.
ODP Business Solutions announces its participation in California’s mandatory Statewide Contracts for PC Goods, supplying Lenovo technology products including desktops, laptops, and accessories to the Department of General Services. This contract, valid for three years with potential extensions, allows California departments to procure Lenovo products at competitive prices while promoting sustainability. ODP will also collaborate with Granite Data Solutions for asset recovery services, enabling cost savings through trade-ins. This initiative aligns with California’s strategic vision of utilizing accessible technology and supports local economic growth.
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