Office Depot Parent ODP Faces Revenue Dip In Q4, Counters With Ambitious 'Project Core' Initiative
Office Depot Parent ODP Faces Revenue Dip In Q4, Counters With Ambitious 'Project Core' Initiative
The ODP Corp (NASDAQ:ODP) reported a fourth-quarter fiscal 2023 sales decline of 14.3% year-over-year to $1.81 billion, missing the consensus of $1.84 billion.
ODP公司（納斯達克股票代碼：ODP）報告稱，2023財年第四季度的銷售額同比下降14.3％，至18.1億美元，未達到共識的18.4億美元。
The year-over-year revenue decline was due to lower sales in its Office Depot consumer division, primarily due to 64 fewer retail locations in service versus the prior year and lower retail and online consumer traffic and transactions.
收入同比下降是由於其Office Depot消費者部門的銷售額下降，這主要是由於在售零售點比上年減少了64個，以及零售和在線消費者流量和交易減少。
ODP Business Solutions Division reported sales (external) of $902 million, down 10% Y/Y. Office Depot Division reported sales (external) of $893 million, down 18% Y/Y in the quarter.
ODP商業解決方案部報告的銷售額（外部）爲9.02億美元，同比下降10％。辦公室倉庫分部報告的銷售額（外部）爲8.93億美元，同比下降18％。
Adjusted operating income was $43 million, down from $58 million a year ago, and the margin contracted by 37 bps to 2.4%.
調整後的營業收入爲4,300萬美元，低於去年同期的5800萬美元，利潤率收縮了37個點子至2.4％。
Adjusted EBITDA in the quarter totaled $73 million (-18% Y/Y), and the margin contracted by 18 bps to 4%.
本季度調整後的息稅折舊攤銷前利潤總額爲7,300萬美元（同比下降18％），利潤率收縮了18個點子至4％。
ODP's adjusted EPS improved to $0.92 from $0.85 a year ago, beating the analyst consensus of $0.78.
ODP調整後的每股收益從去年同期的0.85美元提高至0.92美元，超過了分析師共識的0.78美元。
Operating cash flow from continuing operations for the year totaled $331 million and adjusted free cash flow was $235 million, versus $237 million and $201 million, respectively, in the prior year.
全年來自持續經營業務的運營現金流總額爲3.31億美元，調整後的自由現金流爲2.35億美元，而去年同期分別爲2.37億美元和2.01億美元。
At the end of the quarter, the company had $1.1 billion of total available liquidity, including $392 million in cash and equivalents.
在本季度末，該公司的可用流動資金總額爲11億美元，其中包括3.92億美元的現金及等價物。
ODP announced "Project Core," an enterprise-wide program focused on streamlining operations and enhancing focus on core business.
ODP宣佈了 “Project Core”，這是一項企業範圍的計劃，旨在簡化運營和增強對核心業務的關注。
Buyback: The company repurchased 6 million shares for $298 million in 2023. Additionally, as a component of Project Core, the company announced a new $1 billion, 3-year share repurchase authorization, replacing its prior authorization, valid through 2025, which had approximately $530 million available at the end of February 2024.
回購：該公司在2023年以2.98億美元的價格回購了600萬股股票。此外，作爲核心項目的一部分，該公司宣佈了一項新的10億美元、爲期3年的股票回購授權，取代了其先前的授權，有效期至2025年，截至2024年2月底，該授權的可用資金約爲5.3億美元。
2024 Outlook: ODP expects a sales decline of 2%-5% and Adjusted EPS of $5.60 – $5.80 versus the $5.70 consensus. It sees adjusted EBITDA of $410 million to $430 million and adjusted operating income of $280 million to $300 million.
2024年展望：ODP預計銷售額將下降2％-5％，調整後的每股收益爲5.60美元至5.80美元，而市場普遍預期爲5.70美元。該公司預計調整後的息稅折舊攤銷前利潤爲4.1億美元至4.3億美元，調整後的營業收入爲2.8億美元至3億美元。
"While our guidance assumes incremental improvement in the overall macroeconomic environment throughout 2024, we remain cautious on the state of the overall US economy, primarily workforce employment and the consumer, as well as international trade policies and agreements that could further impact the level of consumer and business activity," commented Anthony Scaglione, executive vice president, and chief financial officer of ODP.
ODP執行副總裁兼首席財務官安東尼·斯卡格里昂評論說：“儘管我們的指導假設整個2024年整體宏觀經濟環境將逐步改善，但我們對美國整體經濟狀況，主要是勞動力就業和消費者，以及可能進一步影響消費者和商業活動水平的國際貿易政策和協議保持謹慎。”
Price Action: ODP shares are trading higher by 6.179% at $56.25 on the last check Wednesday.
價格走勢：在週三的最後一次支票中，ODP股價上漲6.179％，至56.25美元。
Photo: Lukas from Pixabay.
照片：來自 Pixabay 的盧卡斯。