First, we completed our holding company reorganization, created a new publicly traded company named the ODP Corporation. Great. And so -- but again just at a high level, we're always -- we're trying to always get to a cost structure that is variable base. Despite the very challenging conditions and significant contraction in top line, our team maintained the focus on cash in the quarter. Of course, being a CFO, I quickly recognized the strength of our balance sheet and the flexibility that affords us in terms of capital allocation as we transform the business, pursue growth and create value for shareholders. Our customers have come to depend on this for the categories such as technology products, cleaning and breakroom, workspaces and furniture, school supplies, copy and print and technology services with CompuCom, we continue to evaluate launching new products and service categories leveraging our capabilities and customer relationships. Number three, continue to leverage our assets across supply chain and procurement, expanding the product and services that we offer our customers, driving value and building upon our sourcing capabilities. Sales increased over 20% in our e-commerce channel and demand increased for products supporting work and learn-from-home and essential products with technology sales up 17% and cleaning and breakroom sales up 20% versus last year. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. State and local ordinances and stay-at-home orders have resulted in many businesses and schools pausing or restricting operations during the quarter or switching to a remote environment for activities. Well, let me maybe put it into the context of the second half. For the second half it should be low-to-mid single-digits on an annual basis. Finally, let me wrap up with some of my priorities. While this has created one of the most difficult business and social environments in our nation's history, our teams have risen to meet the unique challenges the situation has presented. As Gerry addressed earlier, CompuCom support for its customers during the pandemic has been stellar. Our network touches many customers and we will be focusing on delivering even more value for our customer base across all of our channels. Have a great morning and again, thank you for joining the call. Save on printer ink and toner to keep your office efficient and productive. We drove an increase in demand for essential products to support work and learn-from-home environments as well as essential cleaning products including PPE to address customers' needs posed by the pandemic. During today's call, Gerry will provide an update on the business, focusing much of his commentary on our accomplishments in the second quarter and highlighting how the strength of our platform, financial position and strategy is helping to address the challenges posed by the pandemic and positioning ODP for future growth. Please state your company name then proceed with your question. But depending on the overall reopenings and our commercial and education clients, they're going to look to us for different products and services. Thanks for that and again congrats on the PPE, it does look pretty successful so far. Great. We also continue with our strategy of acquiring small regional distributors with attractive business customer bases and assets increasing our reach in the marketplace. Please email: investor_relations@homedepot.com or call the Investor Relations coordinator at 770-384-2871. During the quarter, we recorded charges totaling $456 million, consisting of $401 million of non-cash asset impairment charges and $65 million of restructuring cost, primarily associated with our business acceleration plan and recently announced Maximize B2B program, which I will go into more detail shortly. With the assistance of third-party valuation experts and factoring in the impact that COVID-19 has had on our end markets, as well as higher overall discount rates, we recorded a non-cash impairment charge of $363 million related to goodwill in our CompuCom and contract businesses and other intangibles. Welcome, Anthony. Join to Connect. Share price €129.80 +0.58% 18 Dec 2020 at 17:37:10. VP, Investor Relations at Office Depot Miami/Fort Lauderdale Area 88 connections. And in our CompuCom division, despite the near-term impacts from COVID, which continue to the second half of the year, we believe that CompuCom is in the right place, at the right time to leverage their ability to support remote workforces to help maintain business continuity for our customers. Yeah. We've substantially improved our cost management. Microsoft Fiscal Year 2021 First Quarter Earnings Conference Call; Satya Nadella, CEO and Amy Hood, EVP & CFO. You have the BAT program and cost efficiency has always been a focus but then there is the variable cost component. At sales our e-commerce channel was up double-digits versus last year as business customers and consumers recognized the convenience of our online presence and supply chain capabilities to safely procure the products to help maintain their business operations. October 27, 2020 2:30 PM - PT. Well, the back-to-school, obviously, a lot of uncertainty there and it's going to be dynamic across the country I think in terms of when school reopens and when they do reopen, what does the model looks like? Or, mail to: Investor Relations The Home Depot 2455 Paces Ferry Road Atlanta, GA 30339 Find out more about cookies Close message. And I think that whether it's a hybrid model, whether it's, I'll say, continuous work-from-home I think we are well positioned with our broader product offerings to go out and be successful. Yeah. We also made significant progress on our B2B transformation plan, improving our foundation and building our capabilities to drive long-term profitable growth. It all starts with our global sourcing and distribution presence and capabilities built upon the relationships that have been developed over decades. Gerry? As a work stream owner as well as benchmarks in place. But at the same time, technology is not the brightest margin category. [Operator Instructions]. Perhaps the most significant aspect that attracted me was the company's very large market presence, B2B platform and expansive reach. For all other corporate inquiries including Customer Care issues please call The Home Depot Store Support Center at 770-433-8211, or toll free 1-800-654-0688. Sidoti. At the heart of our ecosystem is our unique and expansive supply chain and services capabilities. In my quick analysis, I was truly impressed at the agility of the team in scaling BOPIS during the quarter helping to meet our customer needs in ways that work for them. We continue to expand our value proposition with new product offerings and continue to win new business in the quarter. We experienced higher distribution cost early in the quarter as we are making more deliveries directly to residences instead of corporate offices. We also continue to expand our value proposition through expanding our product offerings and leverage our global sourcing and supply chain capabilities, resulting in expanding our customer base and positioning us for future growth. This includes adjusted depreciation and amortization expense of $47 million and $51 million in the second quarter of 2020 and 2019, respectively. Lower most recently served as Executive Vice President and Chief Financial Officer for Office Depot, Inc. Included in the non-cash asset impairment charges was an impairment related to goodwill and intangibles at CompuCom and in our contract business, mostly related to the COVID-19 impact to overall business conditions. In total, our adjacency categories comprised 48% of our total revenue in our BSD division, highlighting again the success of our strategy increase our value proposition to customers and the benefit of a diverse channel mix. I mean, the entire focus is we -- as I always say is that you need a low cost model to win in this space. Is there any sort of like just specific items you could point out like, while incentive comp was down $30 million or G&A was down actually like, anything that is not variable and is really just something you're going to have to lap as you look forward? [Operator Instructions] Our first question will come from the line of Chris McGinnis. Hi, good morning. Sales were $214 million, down 17% versus the prior year period. Good morning. Thank you. Our total adjacency categories grew relative to last year and comprised approximately 48% of total revenue in our BSD division. Combined with our core competency in supporting enterprises in a distributed environment, we believe that CompuCom remains in an excellent position going forward. About Us; Our Brands; Corporate Governance; FAQs; Contact Us; A&F Gives Back Few supply chains in North America have this capability, enabled us to consistently and reliably serve customers no matter what channel they choose for our products and services. The company's earnings came in at $45 million, or $0.08 per share. Office depot or the company nasdaq. Turning to the balance sheet and cash flow highlights on Slide 13. I think that you saw us -- from a merchandising perspective, we've seen tremendous growth in furniture and tech, a number of sort of printers etc.,etc. Just maybe what are you seeing so far in back-to-school? Just to add some color on the cost side. So it's really going to be looking at the profitability and the cash flow generation by store and ensuring that we have the right line of sight and it really is going to be dependent on how effective our renegotiations were and makes it makes sense to renegotiate those leases and the terms of those leases will drive how fast we close the stores. But obviously with BAT as well as our Maximize project that we announced. VP, Investor Relations Office Depot. Thanks. }. You can reach Farfetch Investor Relations via e-mail at ir@farfetch.com. What I'm most proud of, as you look at, this is our ability to really emphasize and confirm our strategy, we can be more than an office supply company and we would -- look what we did with PPE from zero to a $100 million in 90 days, that's pretty impressive. After submitting your request, you will receive an activation email to the requested email address. Mr. Perrott, you may now begin. As I begin my discussion on our accomplishments for the quarter, I'd like to start off with our continued commitment to safety. Designer Brands Recognized for Commitment to Women in Leadership: 2020 Women on … Thank you. Our buy on-line pick-up in store offering or BOPIS experienced a 152% increase in demand as customers chose the convenience of this option to limit time spent in the store. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Exhibit 99.2 CONTACTS: Tim Perrott Danny Jovic Investor Relations Media Relations 561-438-4629 561-438-1594 [email protected] [email protected] OFFICE DEPOT DECLARES QUARTERLY CASH DIVIDEND OF $0.025 PER SHARE Boca Raton, Fla., May 8, 2019 - Office Depot, Inc. (NASDAQ:ODP), a leading B2B integrated distribution company providing business services and supplies, products and Our product breadth and diverse channel presence also helped generate demand to help offset some of the impacts from the pandemic. I guess my question is, I know we're only a couple of quarters into this new operating environment and you're managing the cost structure dynamically very well but just kind of curious given the shift in category and channels, do you have any early learnings around what the long-term margin profile in BSD might be once we kind of reach a steady state top line in that business as a comparison historical margins? Terry will help accelerate our digital transformation, both at the core of who we are today, into the development of new channels and markets. We believe this bodes well for our BSD business in the long run as we work to expand our value proposition and use our supply chain and distribution capabilities to drive long-term profitable growth. The immediate effects related to the COVID outbreak also impacted sales performance at CompuCom in the quarter. For example, back-to-school season's upon us in Q3, which typically generates an additional 5% or more demand on the top line. Obviously, there are some categories that are lower than some of our core suppliers, but there are categories we're looking at adding that are also pretty margin accretive as well. To take advantage of exclusive offers like these, join Office Depot® OfficeMax® Rewards now! We're seeing that strength to continue. Unallocated corporate expenses were $25 million in the quarter, basically flat with last year. And Chris, this is Anthony. You must click the activation link in order to complete your subscription. Before we begin, I need to inform you that certain comments made on this call include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Yeah. I think as we look into the second half and given the unknown and one of the reasons why we continue to withdraw guidance, we're seeing improvement. Good luck in Q3 and thank you for taking my question. Obviously, we focus a lot on cash generation as well. The CompuCom division reported operating income of $4 million in the second quarter of 2020 compared to operating income of $1 million in the prior year period. From basic office supplies, such as printer paper and labels, to office equipment, like file cabinets and stylish office furniture, Office Depot and OfficeMax have the office products you need to get the job done.Maintain a well-stocked office breakroom.Save on printer ink and toner to keep your office efficient and productive. Jefferies Interactive Entertainment Virtual Conference ; Tim Stuart, GM, Xbox Finance. NEWS: RELATED STORIES & ARTICLES. So it's going from down 24% to down low-single digits? Because of this uncertainty across many of our channels, we remain cautious as we head into the second half of year and our guidance for 2020 remains withdrawn. The Investor Relations website contains information about Baidu Inc 's business for stockholders, potential investors, and financial analysts. Your next question will come from the line of Michael Lasser. So I think, we're all learning that, hey, what do I need to be successful in this environment so we'll continue to be that platform out there. On your question regarding the product mix. Additionally, Gerry will outline and discuss the progress we made in the quarter on our B2B pivot and the key drivers of our business. Create promotional products, custom business cards, custom stampers, flyers and posters to strengthen your brand. 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