Office Depot Profits Amid Declining Sales

Office Depot (Boca Raton, Fla.) released news today that it posted a $45 million profit in the first quarter of this year, up from its loss of $109 million this time last year, according to The Wall Street Journal.

This profit was in spite of an 11-percent drop in sales, as compared to the previous year. In Q1 2015, sales totaled $3.9 billion – a decline from $4.4 billion profits the year before.

The company’s Chair and CEO Roland Smith explained in a press release, “As expected, we experienced sales declines compared to prior year, driven primarily by planned store closures and foreign currency translation.”

Along that vein, the company plans to continue closing some of its retail stores: expecting to close 135 stores this year and at least 100 in 2016.

Office Depot is awaiting regulatory approval to close a deal to be acquired by its fellow office-supply chain Staples (Framingham, MA). The deal is expected to be finalized by the end of the year.