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) will announce its third quarter 2022 financial results on November 2, 2022, at 9:00 am ET. CEO Gerry Smith and his executive team will discuss the company’s four business units and capital allocation strategies during a virtual investor day event. The event will include a Q&A session, providing investors with insights into ODP's growth trajectory and future plans. Additional information and earnings materials will be available on ODP's investor relations website.
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Office Depot announces its role as the founding sponsor of Selfmade, a startup school for women transitioning to entrepreneurship. The program shifts from a 10-week course to a year-round membership model, providing continuous resources for aspiring female entrepreneurs. Office Depot will fund 300 Silver scholarships to enable underserved women to participate for free, offering access to workshops, mentoring, and competitions. This initiative aims to empower a new wave of female business leaders, reinforcing Office Depot's commitment to supporting small businesses and community growth.
The ODP Corporation (NASDAQ:ODP), a provider of business services and technology solutions, announced a definitive agreement for the sale and partial leaseback of its Boca Raton headquarters. Subject to closing conditions, the company plans to lease part of the building for at least two more years. This move aims to enhance their balance sheet and lower operating costs, according to CEO Gerry Smith and CFO Anthony Scaglione. The transaction is expected to close by year-end 2022.
On August 15, over 900 Office Depot and OfficeMax locations will be accessible for shopping through Uber Eats. This partnership allows consumers to order a variety of business and school essentials for delivery. Uber One members can enjoy a $0 delivery fee and a 5% discount with a minimum order of $15. The collaboration aims to provide on-demand delivery during the busy back-to-school season, enhancing consumer convenience. The promotion runs through September 10, fostering significant savings on popular school supplies.
The ODP Corporation (NASDAQ:ODP) has announced the final results of its Dutch auction tender offer, which closed on August 12, 2022. A total of 14,497 shares were validly tendered at or below the purchase price of $36.00 per share, for an aggregate purchase price of $521,892, representing less than 1% of ODP's outstanding shares. Following this offer, ODP has approximately $599 million remaining under its share repurchase authorization and plans to continue repurchases based on market conditions.
In the second quarter of 2022, ODP reported revenue of $2.0 billion, a 2% decline year-over-year, primarily due to lower retail sales from store closures. GAAP operating income was $28 million, while adjusted operating income rose to $54 million. Net income was stable at $20 million, with diluted EPS improving to $0.39. The Business Solutions Division saw a 6% sales increase, driven by returning businesses, although eCommerce sales fell. The company announced a $600 million share repurchase authorization to enhance shareholder value.
On August 3, 2022, The ODP Corporation (NASDAQ:ODP) will release its second quarter financial results before the market opens. A conference call for analysts and investors is set for 9:00 am ET, accessible via their Investor Relations website. The ODP Corporation is recognized for providing business services, supplies, and digital workplace technologies through an integrated B2B distribution platform, including brands like Office Depot and ODP Business Solutions.
Office Depot is rolling out its back-to-school promotions, offering significant discounts, including 25% off most backpacks and up to 60% off best-selling school supplies until
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