At the heart of our ecosystem is our unique and expansive supply chain and services capabilities. Employees and consumers have adhered to stay at home and restricted travel orders, making every day life a challenge. And I think the way to look at it is we will invest in areas that are going to produce the growth. Your next question will come from the line of Michael Lasser. Very few companies have the scale and portfolio of assets to drive their business. Company Overview & Strategy ... Georgia Office of the State Treasurer New Jersey Courts University of Nottingham . The pace of the restructuring and referring to Maximize,it's really going be dependent on a lot of factors. Our stock buyback program and quarterly dividend remain suspended and we will reevaluate these programs when appropriate. Moody's Org ID: 600009951. We have direct supplies serving our large enterprise customers, a robust e-commerce platform serving both businesses and consumers, many retail locations supporting those products and services and about 6,500 technologies support personnel including our tech field force serving the technology and service support needs of our customers. Moving to Maximize B2B. From basic office supplies, such as printer paper and labels, to office equipment, like file cabinets and stylish office furniture, Office Depot and OfficeMax have the office products you need to get the job done. Sales were $214 million, down 17% versus the prior year period. The immediate effects related to the COVID outbreak also impacted sales performance at CompuCom in the quarter. This ecosystem is a driving force behind our company and the foundation of the B2B platform that we are enhancing and positioning to drive profitable growth in the future. Thank you. Media Relations. For the second half it should be low-to-mid single-digits on an annual basis. Thanks for that and again congrats on the PPE, it does look pretty successful so far. Despite the very challenging conditions and significant contraction in top line, our team maintained the focus on cash in the quarter. Lower most recently served as Executive Vice President and Chief Financial Officer for Office Depot, Inc. Good morning, guys. Few supply chains in North America have this capability, enabled us to consistently and reliably serve customers no matter what channel they choose for our products and services. And so, I think we're very, very well positioned to continue that. As one of the larger in North America, our supply chain consists of multiple distribution centers, cross-docks, a private fleet of close to 1,000 vehicles and established multitude of third-party and national freight arrangements. Obviously, technology and desks and so forth seem to remain strong at this point. Today's call and slide presentation is being simulcast on our website and will be archived there for at least one year. So a lot of confidence with the model we have, the team in place, the direction we're going and really using the routes to market. Essilor.com Luxottica.com. And finally, continue to promote our 5C Culture across associates and the finance team. (RTTNews) - Office Depot Inc. (ODP) reported earnings for its first quarter that advanced from the same period last year. Sales increased over 20% in our e-commerce channel and demand increased for products supporting work and learn-from-home and essential products with technology sales up 17% and cleaning and breakroom sales up 20% versus last year. Any other product or company names mentioned herein are the trademarks of their respective owners. I'm pretty darn proud of the team for adjusted operating profitability as well as a pretty much net cash neutral from that perspective. Our channel mix and products set helped to offset some of the negative impacts. Taking these actions in leveraging our various channels allowed us to meet our customer needs across the platform. We have implemented strategies to address including working with our distribution partners and evaluating delivery schedules and fees, all of which are helping control delivery costs going forward. Mr. Perrott, you may now begin. Finally, let me wrap up with some of my priorities. And with the restructuring program, how many retail stores do you expect to close? I just want to thank everyone for joining the call today and I just wish everyone stays safe in this difficult environment and we look forward to our conversation when we close Q3. Please state your company name then proceed with your question. Can I listen to Farfetch's quarterly results conference calls with analysts? With that, I will turn the call over to Anthony for overview of our financial results. We're not going to add G&A for the sake of adding G&A. Excluding these items and other items, our adjusted operating income for the second quarter was $10 million compared to $71 million in the prior year period. Of course, being a CFO, I quickly recognized the strength of our balance sheet and the flexibility that affords us in terms of capital allocation as we transform the business, pursue growth and create value for shareholders. Share price €129.80 +0.58% 18 Dec 2020 at 17:37:10. Or, mail to: Investor Relations The Home Depot 2455 Paces Ferry Road Atlanta, GA 30339 And as I highlighted earlier, our sourcing and supply chain strengths allowed us to quickly identify, initiate and launch a new product category for our business. Need Help? The strength of these assets along with strong free cash flow growth and the ability to generate substantially higher EBITDA growth over time was very compelling and I believe there is a tremendous opportunity to create significant value at ODP, expand our multiple and deliver substantial long-term growth. For example, in our BSD division, the COVID-19 outbreak resulted in many temporary business and school closures resulting in a significantly lower sales in our contract channel. Please state your company name then proceed with your question. LEI: 549300OI428NU7XTM839. Designer Brands Recognized for Commitment to Women in Leadership . ©2018 Office Depot, Inc. All rights reserved. Please Log In to view this content. And then, just any kind of indication in terms of what you're thinking for the back half of the year, is obviously -- I know there's a lot of uncertainty, but anything that could help a little bit around demand trends? Just maybe what are you seeing so far in back-to-school? Number three, continue to leverage our assets across supply chain and procurement, expanding the product and services that we offer our customers, driving value and building upon our sourcing capabilities. Well, thanks for the question. Obviously, there are some categories that are lower than some of our core suppliers, but there are categories we're looking at adding that are also pretty margin accretive as well. Regarding capital allocation, considering the uncertainty of the COVID outbreak on the current environment, we remain focused on preserving liquidity and maintaining our financial flexibility. I appreciate the warm welcome and happy to be part of the ODP family. He brings a wealth of experience and expertise in the B2B space, previously leading the the finance function of -- as CFO of ABM Industries, a leading enterprise facility services company. Dependent on the pace of the reopenings, those channels may have a different mix but ultimately there is great opportunity for us to service not only the traditional back-to-school but also the school-from-home environment. Please email: [email protected] or call the Investor Relations coordinator at 770-384-2871. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Over the next few quarters, I plan to focus my time on a few key areas. I will now turn the call back over to Office Depot's CEO, Gerry Smith for any closing remarks. This balance helped to partially offset the negative impacts related to the COVID-19 pandemic. While we are encouraged by the improving month-to-month performance that we drove throughout the second quarter and quarter-to-date, there continues to be a lot of uncertainty on the overall systemic pace of back-to-work and back-to-school scenarios. That concludes the Q&A session for today. Office Depot, Inc. Q4 2019 ... Timothy J. Perrott-- Vice President of Investor Relations. Yeah. Anthony anything to add? I will now turn the call over to ODP's CEO, Gerry Smith. While our B2C division saw the largest impact from COVID, we were able to grow certain adjacency categories in the quarter relative to last year. We did see early in the quarter. After submitting your request, you will receive an activation email to the requested email address. Our total adjacency categories grew relative to last year and comprised approximately 48% of total revenue in our BSD division. I'm very proud of our team in accomplishing this in such a short period of time and the takeaway here is the strength of our platform and the sourcing and execution capabilities we have. Office Depot, Inc. (), a leading omnichannel provider of business services and supplies, products and technology solutions, today announced the appointment of Timothy J. Perrott as vice president of investor relations.Perrott will report directly to Joe Lower, EVP and chief financial officer. Can you maybe just -- I know you talked a little bit about improving trends throughout the quarter. Let's now turn to Slide 10, which highlights the performance of our BSD division. Looking at Slide 11, we highlight the performance of the CompuCom division. Tim perrott danny jovic investor relations media relations 561 438 4629 561 438 1594 email protected email protected office depot inc. For all other corporate inquiries including customer care issues please call the home depot store support center at 770 433 8211 or toll free 1 800 654 0688. Our customers have come to depend on this for the categories such as technology products, cleaning and breakroom, workspaces and furniture, school supplies, copy and print and technology services with CompuCom, we continue to evaluate launching new products and service categories leveraging our capabilities and customer relationships. Your next question comes from the line of Chris Horvers. We drove an increase in demand for essential products to support work and learn-from-home environments as well as essential cleaning products including PPE to address customers' needs posed by the pandemic. Higher average order volumes and sales per shopper along with our diverse product mix and channel availability helped offset some of the negative impact to store traffic. whether it's going to be a hybrid model or school from -- from home model. Danny Jovic Media Relations 561-438-1594 [email protected] We're excited about the addition of both these leaders and look forward to their help in executing our strategy. In fact, we expanded into a new category during the quarter, Personal Protection Equipment or PPE quickly launching this category meeting our customer needs. Stock Advisor launched in February of 2002. Okay. So obviously Q2 as the prepared remarks referenced, we saw improvement along the quarter. But obviously with BAT as well as our Maximize project that we announced. Utilize our custom online printing and IT services for small businesses to stand out from the competition through our Print & Copy services. And so, we're always -- Maximize is -- one of the primary goals of Maximize is to drive from a fixed cost model to a low-cost -- to a variable cost model that allows us that flexibility, although this is never repeated the COVID experience but we believe this has demonstrated the ability for us to pivot and successfully manage cash and cost in a very, very difficult environment. Office Depot, Inc. Names Timothy J. Perrott Vice President of Investor Relations Posted on 08/06/2018 32 Office Depot, Inc. (NASDAQ:ODP), a leading omnichannel We have net new customer wins in the quarter and a significant amount of renewals. Office Depot spokesman Danny Jovic declined to answer questions about the annual meeting or the company's latest strategy. And most importantly, we think we have this ecosystem platform in place to bring products and services to B2B customers whether that's SMBs or retail and online, whether it's mid-sized customers or CompuCom in our contract business or through our large enterprise customers, we think we can serve all routes-to-market and all our customers. It all starts with our global sourcing and distribution presence and capabilities built upon the relationships that have been developed over decades. I appreciate that. We also continue with our strategy of acquiring small regional distributors with attractive business customer bases and assets increasing our reach in the marketplace. Peer Group: Retail. Turning to 2Q highlights. Exhibit 99.2 CONTACTS: Tim Perrott Danny Jovic Investor Relations Media Relations 561-438-4629 561-438-1594 [email protected] [email protected] OFFICE DEPOT DECLARES QUARTERLY CASH DIVIDEND OF $0.025 PER SHARE Boca Raton, Fla., May 8, 2019 - Office Depot, Inc. (NASDAQ:ODP), a leading B2B integrated distribution company providing business services and supplies, products and Thank you. I guess, I had just one quick follow-up to that. Safety of our associates, customers and families in our communities continue to remain our top priority. We're also joined by David Centrella, our Senior Vice President of Financial Planning and Analysis. Capital expenditures in the quarter were $15 million compared to $45 million in the prior-year period, reflecting lower investment in our retail operations, while continuing our investments in our B2B platform, distribution network and e-commerce capabilities. I would like to introduce Tim Perrott, Vice President, Investor Relations. Talk with a Representative Chat Now. For all other corporate inquiries including Customer Care issues please call The Home Depot Store Support Center at 770-433-8211, or toll free 1-800-654-0688. We initiated our Maximize B2B restructuring plan, a multi-year plan designed to enhance growth in our B2B platform, reduce retail exposure, while continuing to drive a variable, low-cost model. Great. As Gerry addressed earlier, CompuCom support for its customers during the pandemic has been stellar. Terry will help accelerate our digital transformation, both at the core of who we are today, into the development of new channels and markets. We source and work with vendors around the globe to procure cost effect [Technical Issues] to meet the needs of our customers. Office Depot. Turning to Slide 12. We appreciate you joining us during what we expect has been a challenging time for most. We are excited to have Anthony as a senior member of our team and we look forward to his leadership in executing our transformation. Adding to this, was our deliberate effort to reduce certain unprofitable accounts to improve future profitability. Investor Relations; This page shows the institutions and funds most likely to invest in ODP / Office Depot, Inc., based on analysis of their current holdings. We'll obviously let Tim get to you with offline with some of the more specifics. We have an established, high quality customer base including the most well-recognized brand names in the world with about 200,000 large enterprise customers, including many of the Fortunate 500, nearly 10 million business customers and a total customer base of approximately 29 million customers. From the supply chain and unique distribution assets to the multitude of customers across B2B and B2C, our platform creates a significant opportunity to expand our value proposition and deliver a broader set of products and services, growing our customer base and driving long-term value. Office Depot Inc (NASDAQ:ODP)Q2 2020 Earnings CallAug 5, 2020, 9:00 a.m. We have built a powerful and agile platform of assets to meet the needs of our customers, which has helped us achieve balance during the challenging business environment in 2020. The pace of the program's restructuring, investments and other costs will be dependent on overall business conditions and shifting customer dynamics as the effects of COVID-19 continue to be managed and understood. While the effects of the pandemic negatively impact our results, the power of our B2B platform and diverse routes- to-market helped us offset some of these impacts enable us to deliver positive adjusted operating results, preserve cash and maintain a strong balance sheet and liquidity position. Investor Relations Home ; Company Information. And our team has continued to win new business. For more information, visit news.officedepot.com and follow @officedepot on Facebook, Twitter and Instagram. Investor Relations Stock Information; Financial Reports; News Releases; Events & Presentations; Corporate Governance; Shareholder Services; Investor Resources; ESG Investors; Key Financial Reports 2020 Proxy Statement 2019 Annual Report 3Q2020 10-Q Additional Proxy Material; Additional Investor Resources. So I think, we're all learning that, hey, what do I need to be successful in this environment so we'll continue to be that platform out there. And so -- but as I said in my part, there is so much uncertainty in the back half, which is why we pulled guidance going forward but we do think we are in a very good position. I think ODP has tremendous opportunity to create value for shareholders and I'm excited about being part of the team that will make this happen. In my few short weeks at the company, I've been very impressed with the company's strong and innovative culture, creating the foundation to drive our mission and reach our goals with all of our stakeholders at the core. Number four, reviewing our overall capital allocation program to ensure the right long-term balance for growing shareholder value. In terms of revenue generation our increasingly diverse product portfolio and multiple routes-to-market helped us offset some of the conditions caused by the COVID pandemic. And I think that whether it's a hybrid model, whether it's, I'll say, continuous work-from-home I think we are well positioned with our broader product offerings to go out and be successful. During the call, we will use some non-GAAP financial measures as we describe business performance. Investor Relations Department: [email protected] So we've built a DNA here in our culture about driving cost and being efficient and are very pleased with the progress we made across not just -- our finance teams have done a tremendous job but all our organization has done a tremendous job of driving to efficiencies and productivity and even this acceleration of work-from-home is, we found all kinds of opportunity of efficiencies and productivity that by being in a work environment, you did realize things we didn't need anymore. As discussed, the team has done an amazing job to navigate the challenges created by the pandemic. While this has created one of the most difficult business and social environments in our nation's history, our teams have risen to meet the unique challenges the situation has presented. This broad diverse channel approach is proving to be a very important asset during the unusual business environment we find ourselves in this year, providing our customers with options in helping us balance revenue performance. Thank you, Gerry, and good morning, everyone. So as we said in the script we -- obviously, the early part of Q2 was very, very tough. Number two, continue to drive a low cost business model. Please state your company name then proceed with your question. Traditional enterprise sales volumes dropped on our contract channel related to business and school closures, retail traffic trends were lower and service volumes and project-related work at CompuCom were negatively impacted. Moving to mix. For example, back-to-school season's upon us in Q3, which typically generates an additional 5% or more demand on the top line. Just to add some color on the cost side. So depending on the composition of products we can shift up and down relative to whatever our customers' need and have that capability, which is why, I keep saying a platform is important because we can offer more than just our current offerings, we want to continue to bring more and more adjacencies on this to -- and your cost of distribution that we deliver in five different things, five different categories versus one category, you're going to get scaling in that business as well. Perhaps the most significant aspect that attracted me was the company's very large market presence, B2B platform and expansive reach. Partially offsetting the negative impact due to COVID was an increase in our online sales and strong demand for essential items such as cleaning and breakroom and products that supported the work-from-home and learning-from-home environment. Aside from preserving liquidity, our capital priorities will continue to focus on investing in our business to further enhance our B2B platform to pursue profitable growth and expand our distribution network and capabilities. So we're monitoring that. Total debt at the end of the quarter was approximately $672 million. Clearly, this is not a business as usual situation and the effect of the outbreak, most notably impacted top line results in our BSD division. This action simplifies our corporate structure and begins to better align our assets with respective operating channels creating more flexibility for the future. And Chris, this is Anthony. Market Segment: Corporates. Office Depot, Inc. Ticker: ODP. Well, the back-to-school, obviously, a lot of uncertainty there and it's going to be dynamic across the country I think in terms of when school reopens and when they do reopen, what does the model looks like? Now turning to the highlights of our financial results, as shown in Slide 9. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Create promotional products, custom business cards, custom stampers, flyers and posters to strengthen your brand. Relations with shareholders; Auditors; Gender pay report; Section 430(2B) Companies Act 2006 Statement; The Gender Equality Index 2019 in France ; Technical guidance; Investor contacts ; Media > News > Corporate news; Sustainability news; Features and Blogs; Image Library > Our stores and colleagues > B&Q; Castorama; Brico Dépôt; Screwfix; Koçtaş; Logos > Logos; Our unique ranges > … We plan to accomplish this across all channels, including maximizing the value of our retail presence by continuing to rationalize the footprint, reducing our longer-term lease exposure and improving the overall cash flow and earnings profile of the business going forward. We're obviously keeping a pace on the reopenings across the country. Lastly, we have a very large sales marketing presence throughout North America and has forged strong relationships with business enterprise customers creating strong brand recognition with the consumers built on a reputation for quality and service. I'm very proud of our entire team for their efforts in safely servicing customers, leveraging our supply chain and service delivery capabilities to meet our customers' needs and giving back to the community during this time of need. Office Depot (ODP) Investor Presentation - Slideshow. Toggle navigation Abercrombie & Fitch. Webcast Transcript. Thanks for taking my questions. Christopher Horvers -- J.P. Morgan & Co. -- Analyst. Our retail division remained open and operational during the pandemic, generating continued demand for essential products including cleaning and breakroom as well as products to set up home offices and remote learning, including technology and furniture. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Good morning, and thank you for joining us for the ODP Corporation's second quarter 2020 earnings conference call. Email Alerts. You can reach Farfetch Investor Relations via e-mail at [email protected] And then, just more broadly as you think about back-to-school, how are you trying to position to it? But we're going to continue to look at ways to manage the business on a -- from a, I'll say, fixed cost basis to a variable cost basis in the future. To expand upon that we combined our sourcing supply chain capabilities with balanced routes-to-market to reach our customers, we created a platform that our customers can access to most appropriately satisfy their needs. So, with that being said, you didn't reference the improvement throughout the quarter and into July. But -- and we're obviously we have a lot more confidence today than we did early in Q2 and to be honest, with Q2 we produced the results we did in this, to be honest, the worse economic times in the country's history. Welcome, Anthony. D. Anthony Scaglione -- Executive Vice President, Chief Financial Officer. And can you maybe just touch a little bit on the remote status in terms of the work-from-home and the cost to serve there and just how you're kind of driving that down and how you see that? See you at the top! Thanks. Investor Relations Fireside Chat Series: Microsoft Teams; Virtual Meeting. Included in the non-cash asset impairment charges was an impairment related to goodwill and intangibles at CompuCom and in our contract business, mostly related to the COVID-19 impact to overall business conditions. Thank you. Buy online, pickup in store or BOPIS sales were up about a 150% year-over-year showing the value of this channel option in the quarter. We have continued our curbside pickup option at nearly all of our locations. Investor Relations Media Relations Corporate Sustainability. Good morning, it's UBS. 561-438-4629 . Clearly, as Gerry mentioned, we saw some shift cost mix on the BSD, which has a higher relative cost to serve, that was offset on our retail side. What I'm most proud of, as you look at, this is our ability to really emphasize and confirm our strategy, we can be more than an office supply company and we would -- look what we did with PPE from zero to a $100 million in 90 days, that's pretty impressive. Consistent with previous quarters, we have provided our results on both a GAAP basis and on an adjusted basis. A detailed discussion of these risks and uncertainties are contained in the Company's filings with the U.S. Securities and Exchange Commission. Can you maybe -- trying to get at what the baseline SG&A run rate is going forward? Operating income was $18 million in the second quarter, up 100% over the same period last year or as a percentage of sales, a 110 basis points improvement in margins. Let's conquer your financial goals together...faster. Office Depot, which belongs to the Zacks Retail - Miscellaneous industry, posted revenues of $2.78 billion for the quarter ended September 2019, missing the Zacks … 5C Culture across associates and the finance team your next question will come from the line of Lasser. 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