Delray Beach, Fla., Office Depot said Tuesday its third-quarter results fell 9%. The office supply chain cited the economic slowdown in the U.K., and higher costs in North America.
Net income fell to $117.5 million in the three months ended Sept. 29, compared to $129.1 million for the quarter a year ago. The latest period also includes a $33 million tax benefit.
"There are signs of an economic slowdown in the U.K. which, if it persists, could provide continued challenges to the division's operations in the future,â€ť an Office Depot spokesman said in a statement.
While sales climbed 2% to $3.94 billion from $3.86 billion a year ago, North American same-store sales fell 5% for the quarter.