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Office Depot delivers profit
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February 11, 2000: 10:15 a.m. ET
Fourth-quarter earnings down from year ago, but in line with expectations
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NEW YORK (CNNfn) - Higher paper and operating costs helped push Office Depot's fourth-quarter earnings down slightly, but the retailer still managed to match Wall Street's expectations.
The nation's largest seller of office products earned 21 cents per share excluding one-time items in the period ended Dec. 25, compared to 23 cents a share a year earlier.
When non-recurring charges are included, net income rose to $84 million, or 24 cents per diluted share, from $68.7 million, or 18 cents, during the comparable period of 1998.
Quarterly revenue jumped 18 percent to $2.7 billion, with stores that had been open for at least one year delivering a 9 percent increase. The company's Internet operations continued to excel, recording a 338 percent increase in sales to $349.7 million for the quarter.
However, the bottom line was hurt by rising paper costs and higher expenses for occupancy and marketing, as the company added 38 new supply stores during the quarter.
The results followed Office Depot's disappointing third-quarter shortfall, which company Chief Executive Officer David Fuente told CNNfn was no longer a concern. WAV [190KB] or AIF [190KB].
For the full year, Office Depot posted profit of 86 cents per share excluding one-time charges, up from 82 cents last year. Net income for the year reached $257.6 million, or 69 cents per share, up from $233.2 million, or 61 cents per share in 1998.
Full-year revenue climbed 14.1 percent to $10.26 billion.
Shares of Office Depot (ODP: Research, Estimates) inched forward 5/8 in early trading Friday to 14-1/4. 
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OfficeDepot.com
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