The ODP Corporation, (NYSE:ODP), Boca Raton, FL, parent company of Office Depot and distributor of office supplies, reported sales for its fiscal 2022 second quarter ended June 25, 2022, were $2 billion, down 2% from the prior-year period.
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Net profit for the quarter was $28 million, down from $30 million the prior-year period.
“Our team continues to deliver against a challenging macroeconomic environment, driving solid operational and financial results in the second quarter,” said Gerry Smith, CEO. “The strength of our distribution platform and flexible pricing strategies helped to offset some of the market-wide challenges related to supply-chain constraints, high transportation costs and inflation. Overall, our team continues to focus on execution and remains committed to our low-cost model approach, enabling us to deliver $54 million in adjusted operating income.”
Ian Heller is the Founder and Chief Strategist for Distribution Strategy Group. He has more than 30 years of experience executing marketing and e-business strategy in the wholesale distribution industry, starting as a truck unloader at a Grainger branch while in college. He’s since held executive roles at GE Capital, Corporate Express, Newark Electronics and HD Supply. Ian has written and spoken extensively on the impact of digital disruption on distributors, and would love to start that conversation with you, your team or group. Reach out today at iheller@distributionstrategy.com.