Office Depot Parent ODP Cuts FY23 Revenue Guidance Amid Challenging Macro Environment: Here's Details
Portfolio Pulse from Lekha Gupta
The ODP Corp (NASDAQ:ODP) reported a Q3 FY23 sales decline of 8% Y/Y to $2.01 billion, missing the consensus of $2.04 billion. The decline was due to lower sales in its Office Depot consumer division. The company also lowered its FY23 revenue guidance to $7.8 billion-$7.9 billion from $8 billion. However, it raised its adjusted EPS to $5.30-$5.60 from $5.00-$5.30. ODP shares are trading lower by 3.34% at $45.87.
November 08, 2023 | 5:10 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
ODP Corp reported lower than expected Q3 FY23 sales and lowered its FY23 revenue guidance, leading to a drop in its share price.
ODP Corp's lower than expected Q3 FY23 sales and reduced FY23 revenue guidance are likely to negatively impact investor sentiment, leading to a decrease in its share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100