Boca Raton, Fla. -- Office Depot Inc. reported Monday that it swung to a profit of $12.3 million in the quarter ended Dec. 31, compared with a loss of $108.6 million in the year-ago period.
Revenue edged up to $2.97 billion in the quarter, from $2.96 billion last year, missing Wall Street’s expected break-even on $3 billion in sales. Same-store sales dropped 5%, due in large part to a move away from promotions to shore up profitability, said the company.
“Fourth quarter 2011 results were encouraging despite a slow economic recovery in the U.S. and increasing business pressures across Europe,” said Neil Austrian, chairman and CEO.
Sales in the North American Retail Division were $1.2 billion in the fourth quarter of 2011, flat versus the prior year.
Full year 2011 sales dipped 1% to $11.5 billion.