- The ODP Corp ODP reported fourth-quarter sales growth of 3% year-on-year to $2.106 billion Wednesday, missing the consensus of $2.140 billion.
- Higher sales in the B2B distribution division, ODP Business Solutions, offsetting lower sales in our consumer division, Office Depot.
- ODP Business Solutions Division reported sales of $1.0 billion, up 10% Y/Y.
- Office Depot Division reported sales of $1.1 billion, down 3% Y/Y.
- Office Depot sales were lower, partially driven by 58 fewer retail locations in service Y/Y.
- Adjusted EPS of $0.85 beat the consensus of $0.79.
- ODP held $403 million in cash and equivalents and generated an adjusted free cash flow of $147 million.
- "Moving forward in 2023, we remain cautiously optimistic about the year ahead as we continue to navigate the increasingly challenging macroeconomic environment and its effect across all industries," CEO Gerry Smith said.
- FY23 Outlook: ODP expected FY23 sales of $8 billion - $8.4 billion and adjusted EPS of $4.50 - $5.10.
- Price Action: ODP shares closed lower by 1.05% at $45.28 on Tuesday.
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