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BRIEFLY / RETAILING

Office Depot Warns of Lower Earnings

November 02, 2000|Bloomberg News

Office Depot Inc. said it may have a loss or "much lower earnings" in its fiscal fourth quarter because of a charge for possibly closing or moving some stores. The amount of the charge wasn't disclosed. Sales haven't met expectations at many of Office Depot's North American stores opened in the last three years, the company said in a regulatory filing. Analysts are expecting Office Depot to report earnings of 17 cents a share for the quarter ending in December, down from 24 cents in the year-earlier quarter. Office Depot said in April it would slow its U.S. expansion to about 100 stores a year for the next five years because of tougher competition. Company officials could not be reached for comment. The Delray Beach, Fla.-based company's shares closed off 31 cents at $8 on the NYSE.

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