Deutsche Bank Comments On Office Depot (ODP)

Deutsche Bank provided color on Office Depot ODP in a research report published this morning. In the report, Deutsche Bank states, "Total sales were $2.961b and down 3% vs consensus of down 1%. Comps were down 1%. But, expenses were well controlled so operating profit was better than we modeled at +$13mm versus our estimate of a $5mm loss. EPS was positive $0.09 vs our estimate (and consensus) of ($0.03), excluding significant charges. Tax loss carryforwards also helped, but even without this, we think EPS would have been positive after interest expense and miscellaneous income." Shares of Office Depot were trading at $5.36 at the time of posting, down 2.01% from last Friday's market close.