Office Depot's Parent Company ODP Slashes 2024 Outlook After Weak Q3 Earnings, Eyes B2B Pivot To Offset Retail Woes

The ODP Corporation (NASDAQ:ODP) shares are trading lower on Wednesday.

The company reported third-quarter adjusted earnings per share of 71 cents, missing the street view of $1.60.

Quarterly sales of $1.780 billion, down 11% year-over-year, missed the analyst consensus of $1.820 billion.

The decrease in reported sales is largely related to lower sales in its Office Depot Division, primarily due to 53 fewer retail locations in service compared to the previous year and reduced transactions, as well as lower sales in its ODP Business Solutions Division.

“We’re leveraging our differentiated core strengths ...