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) has completed the sale of its Boca Raton headquarters for approximately $104 million. The company will lease back part of the facility for a minimum of two years, maintaining its presence in Boca Raton, Florida. CFO Anthony Scaglione expressed that this transaction provides the company with enhanced flexibility and reduced annual operating costs. ODP aims to leverage its strong balance sheet and business model to improve asset utilization and boost returns for shareholders. The company is recognized as a leading provider of business services, products, and digital workplace technology solutions.
The ODP Corporation (NASDAQ:ODP) announced its participation in a virtual fireside chat at the Canaccord Genuity Capital Markets eCommerce Sustainable Advantage Forum on March 23 at 3:30 pm ET. Key executives, including Kevin Moffitt, president of Office Depot, Prentis Wilson, president of Varis, and Tim Perrott, VP of Investor Relations, will represent the company. The event will be webcast live, and a replay will be available on ODP's investor relations website. ODP is recognized for its integrated B2B distribution platform, offering a wide range of products and services through its retail and online presence.
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.
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