Office Depot Parent ODP Faces Revenue Dip In Q4, Counters With Ambitious 'Project Core' Initiative
Portfolio Pulse from Akanksha Bakshi
The ODP Corp (NASDAQ:ODP) reported a Q4 fiscal 2023 sales decline of 14.3% year-over-year to $1.81 billion, missing consensus estimates. Despite the revenue dip, adjusted EPS improved to $0.92, beating expectations. The company announced 'Project Core' to streamline operations and a new $1 billion share repurchase program. ODP expects a 2%-5% sales decline in 2024 but remains cautious about the macroeconomic environment.
February 28, 2024 | 4:21 pm
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ODP Corp's Q4 fiscal 2023 results showed a revenue decline but an improvement in adjusted EPS. The company announced 'Project Core' and a new $1 billion share repurchase program, indicating a strategic shift towards operational efficiency and shareholder value enhancement.
Despite the revenue decline, the improvement in adjusted EPS and the announcement of 'Project Core' and a significant share repurchase program are positive signals for investors. These moves indicate a focus on operational efficiency and shareholder value, which could positively impact ODP's stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100