[3/1/17] Office Depot Inc. expects its sales to be lower in 2017 than they were in 2016, according to an annual report released by the company Wednesday.
The Boca Raton-based office supplies retailer (Nasdaq: ODP) reported $11 billion in sales for fiscal 2016 ended Dec. 31, a six percent decrease compared fiscal 2015. However, the company made major gains in net income, which rose to $531 million for fiscal 2016 compared to $183 million in the prior year period. Multiple reports say the company’s earnings exceeded analysts’ expectations.
“I am very excited to assume the role of CEO and to inherit a business with such positive earnings trends,” said Gerry Smith, newly appointed CEO of Office Depot. “Office Depot delivered another year of improved profitability in 2016, exceeding the full-year adjusted operating income guidance, despite experiencing substantial business disruption related to the Staples acquisition attempt.”