Office Depot parent ODP Corp. /zigman2/quotes/204015456/composite ODP +6.16% reported third-quarter net income totaling $101 million, or $1.85 per share, up from $57 million, or $1.04 per share, last year. Adjusted EPS of $1.76 beat the FactSet consensus for $1.43. Sales of $2.18 billion were down from $2.35 billion last year and missed the FactSet consensus for $2.27 billion. ODP attributed the sales decline to 163 fewer retail locations and a diminished demand for items in certain categories compared with last year. "The investments we've made in our private fleet, distribution assets, and diverse third party carrier relationships are helping us mitigate some of the impacts related to the recent industry-wide supply chain disruptions," said Gerry Smith, ODP chief executive, in a statement. Smith also said that the delta variant slowed the back-to-office trends, though there was strength in back-to-school items as more students and teachers headed back to classrooms. ODP is in the process of separating its business solutions arm from its retail business. The spin-off is expected to be complete during the first half of 2022. ODP shares have advanced 50% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.45% is up 23.2% for the period.
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