1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the quarterly period ended March 30, 1996
-----------------------------------------------
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
-------------- ------------------------------
Commission file number 1-10948
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OFFICE DEPOT, INC.
- -----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 59-2663954
- -----------------------------------------------------------------------------
(State or other jurisdiction (I.R.S. Employer
incorporation or organization) Identification No.)
2200 Old Germantown Road, Delray Beach, Florida 33445
- -----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(407) 278-4800
- -----------------------------------------------------------------------------
(Registrant's telephone number including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirement for the past 90 days.
Yes X No
---------- ----------
The registrant had 156,659,542 shares of common stock outstanding as of May 6,
1996.
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OFFICE DEPOT, INC.
INDEX
Page
Part I. FINANCIAL INFORMATION
Item 1 Financial Statements
Consolidated Statements of Earnings for the
13 Weeks Ended March 30, 1996 and
April 1, 1995 3
Consolidated Balance Sheets as of
March 30, 1996 and December 30, 1995 4
Consolidated Statements of Cash Flows for the
13 Weeks Ended March 30, 1996 and
April 1, 1995 5
Notes to Consolidated Financial Statements 6 - 7
Item 2 Management's Discussion and Analysis of
Financial Condition and Results of Operations 8 - 13
Part II. OTHER INFORMATION 13
SIGNATURE 14
INDEX TO EXHIBITS 15
2
3
OFFICE DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
13 Weeks 13 Weeks
Ended Ended
March 30, April 1,
1996 1995
--------- ----------
Sales $1,632,995 $1,351,212
Cost of goods sold and occupancy costs 1,277,617 1,046,383
---------- ----------
Gross profit 355,378 304,829
Store and warehouse operating
and selling expenses 246,773 203,167
Pre-opening expenses 1,141 3,252
General and administrative expenses 44,443 37,104
Amortization of goodwill 1,330 1,295
---------- ----------
293,687 244,818
---------- ----------
Operating Profit 61,691 60,011
Other expense (income)
Interest expense, net 4,856 4,819
Equity and franchise (income) loss, net 445 (32)
---------- ----------
Earnings before income taxes 56,390 55,224
Income taxes 22,907 22,750
---------- ----------
Net earnings $ 33,483 $ 32,474
========== ==========
Earnings per common and
common equivalent share:
Primary $ 0.21 $ 0.21
Fully diluted $ 0.21 $ 0.21
3
4
OFFICE DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
March 30, December 30,
1996 1995
----------- ------------
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 36,462 $ 61,993
Receivables, net of allowances 346,254 380,431
Merchandise inventories 1,266,901 1,258,413
Deferred income taxes 22,837 18,542
Prepaid expenses 16,214 11,620
----------- ------------
Total current assets 1,688,668 1,730,999
Property and Equipment, net 581,270 565,082
Goodwill, net of amortization 193,970 195,302
Other Assets 42,710 39,834
----------- ------------
$ 2,506,618 $ 2,531,217
=========== ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 758,059 $ 841,589
Accrued expenses 162,033 166,575
Income taxes 34,898 10,542
Current maturities of long-term debt 2,400 3,309
----------- ------------
Total current liabilities 957,390 1,022,015
Long-Term Debt, less current maturities 100,091 112,340
Deferred Taxes and Other Credits 16,620 11,297
Zero Coupon, Convertible, Subordinated Notes 386,734 382,570
Common Stockholders' Equity
Common stock - authorized 400,000,000 shares of
$.01 par value; issued 158,781,618 in 1996 and
157,961,801 in 1995 1,588 1,580
Additional paid-in capital 615,200 605,876
Foreign currency translation adjustment (821) (794)
Retained earnings 431,566 398,083
Less: 2,163,447 shares of treasury stock (1,750) (1,750)
----------- ------------
1,045,783 1,002,995
----------- ------------
$ 2,506,618 $ 2,531,217
=========== ============
4
5
OFFICE DEPOT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(In thousands)
(Unaudited)
13 Weeks Ended 13 Weeks Ended
March 30, April 1,
1996 1995
------------- -------------
Cash flows from operating activities
Cash received from customers $ 1,610,048 $ 1,319,819
Cash paid for merchandise inventories (1,270,582) (1,047,341)
Cash paid for store and warehouse operating,
selling and general and administrative expenses (323,238) (288,459)
Interest received 408 97
Interest paid (1,153) (278)
Taxes paid (907) (6,652)
------------- -------------
Net cash provided (used) by operating activities 14,576 (22,814)
------------- -------------
Cash flows from investing activities
Capital expenditures-net (28,165) (47,326)
------------- -------------
Net cash used by investing activities (28,165) (47,326)
------------- -------------
Cash flows from financing activities
Proceeds from exercise of stock options and sales
of stock under employee stock purchase plan 6,495 3,963
Foreign currency translation adjustment (27) 345
Proceeds from long- and short-term borrowings --- 63,510
Payments on long- and short-term borrowings (18,410) (1,889)
------------- -------------
Net cash provided (used) by financing activities (11,942) 65,929
------------- -------------
Net decrease in cash and cash equivalents (25,531) (4,211)
Cash and cash equivalents at beginning of period 61,993 32,406
------------- -------------
Cash and cash equivalents at end of period $ 36,462 $ 28,195
============= =============
Reconciliation of net earnings to net cash
provided (used) by operating activities
Net earnings 33,483 $ 32,474
Adjustments to reconcile net earnings to net cash
provided (used) by operating activities
Depreciation and amortization 19,091 14,534
Accreted interest on convertible, subordinated notes 4,164 4,056
Contributions of common stock to employee
benefit and stock purchase plans 1,061 910
Changes in assets and liabilities
Decrease (increase) in receivables 34,177 (2,009)
Increase in inventories (8,488) (69,721)
Increase in prepaid expenses and other assets (12,294) (7,874)
Increase (decrease) in accounts payable, accrued
expenses and deferred credits (56,618) 4,816
------------- --------------
Total adjustments (18,907) (55,288)
------------- -------------
Net cash provided (used) by operating activities $ 14,576 $ (22,814)
============= ==============
5
6
OFFICE DEPOT, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. The interim financial statements as of March 30, 1996 and for the 13 week
periods ended March 30, 1996 and April 1, 1995 are unaudited; however,
such interim statements reflect all adjustments (consisting only of normal
recurring accruals) necessary for a fair presentation of the financial
position and the results of operations for the interim periods presented.
The results of operations for the interim periods presented are not
necessarily indicative of the results to be expected for the full year.
The interim financial statements should be read in conjunction with the
audited financial statements for the year ended December 30, 1995.
2. Net earnings per common and common equivalent share is based upon the
weighted average number of shares and equivalents outstanding during each
period. Stock options are considered common stock equivalents. The zero
coupon, convertible, subordinated notes are not common stock equivalents.
Net earnings per common share assuming full dilution was determined on the
assumption that the convertible notes were converted as of the beginning
of the period or when issued. Net earnings under this assumption has been
adjusted for interest net of its tax effect.
The information required to compute net earnings per share on a primary
and fully diluted basis is as follows:
13 Weeks Ended 13 Weeks Ended
March 30, April 1,
1996 1995
-------------- --------------
(in thousands)
Primary:
Weighted average number of common and
common equivalent shares $ 158,123 $ 153,445
========= =========
Fully diluted:
Net earnings $ 33,483 $ 32,474
Interest expense related to convertible
notes, net of tax 2,540 2,474
--------- ---------
Adjusted net earnings $ 36,023 $ 34,948
========= =========
Weighted average number of common and
common equivalent shares 158,130 153,446
Shares issued upon assumed conversion
of convertible notes 16,565 16,580
--------- ---------
Shares used in computing net earnings per
common and common equivalent share
assuming full dilution 174,695 170,026
========= =========
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3. The Consolidated Statements of Cash Flows do not include the following
non-cash investing and financing transactions:
13 Weeks Ended 13 Weeks Ended
March 30, April 1,
1996 1995
-------------- --------------
Additional paid-in capital related
to tax benefit on stock options exercised $1,775,000 $948,000
Equipment purchased under capital leases 5,252,000 ---
Conversion of convertible, subordinated
debt to common stock --- 14,000
4. The Company has adopted the following Statements of Financial Accounting
Standards ("SFAS") for the fiscal year ending December 28, 1996.
SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for
Long-Lived Assets to Be Disposed Of," establishes accounting standards
for the impairment of long-lived assets, certain identifiable
intangibles, and goodwill related to those assets to be held and used and
for long-lived assets and certain identifiable intangibles to be disposed
of. Long-lived assets and certain identifiable intangibles to be held
and used by a company are required to be reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. Measurement of an impairment loss for
such long-lived assets and identifiable intangibles should be based on
the fair value of the asset. Long-lived assets and certain identifiable
intangibles to be disposed of are required to be reported generally at
the lower of the carrying amount or fair value less cost to sell. The
adoption of SFAS No. 121 had no material effect on the Company's
financial position as of March 30, 1996 or the results of its operations
for the thirteen weeks ended March 30, 1996.
SFAS No. 123, "Accounting for Stock-Based Compensation," establishes
financial accounting and reporting standards for stock-based employee
compensation plans, including stock options, stock purchase plans,
restricted stock, and stock appreciation rights. SFAS No. 123 defines
and encourages the use of the fair value method of accounting for
employee stock-based compensation. Continuing use of the intrinsic value
based method of accounting prescribed in Accounting Principles Board
Opinion No. 25 ("APB 25") for measurement of employee stock-based
compensation is allowed with pro forma disclosures of net income and
earnings per share as if the fair value method of accounting had been
applied. Transactions in which equity instruments are issued in exchange
for goods or services from non-employees must be accounted for based on
the fair value of the consideration received or of the equity instrument
issued, whichever is more reliably measurable. The Company has
determined that it will continue to use the method of accounting
prescribed in APB 25 for measurement of employee stock-based
compensation, and will begin providing the required pro forma disclosures
in its financial statements for the year ending December 28, 1996 as
allowed by SFAS No. 123.
7
8
Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Sales increased 21% to $1,632,995,000 in the first quarter of 1996 from
$1,351,212,000 in the first quarter of 1995. Approximately 11% of the increase
in sales was due to the 73 new stores (net of one store closure) opened
subsequent to the first quarter of 1995. Comparable sales for stores and
delivery facilities open for more than one year at March 30, 1996 increased 10%
for the first quarter of 1996. Sales of computers, business machines and
related supplies rose as a percentage of total sales in 1996 over the
comparable 1995 period. The Company opened four office supply stores in the
first quarter of 1996, bringing the total number of office supply stores open
at the end of the first quarter to 505, compared with 432 stores open at the
end of the first quarter of 1995. The Company also operated 23 and 24 contract
stationer and delivery warehouses (customer service centers) at the end of the
first quarters of 1996 and 1995, respectively. Several of these are new,
larger facilities which replaced existing facilities acquired as part of the
contract stationer acquisitions in 1993 and 1994. Additionally, in the first
quarter of 1996, the Company opened one Images(TM) location and one Furniture
At Work(TM) store, resulting in a total of three Images(TM) locations and two
Furniture At Work(TM) stores open at quarter end.
Gross profit as a percentage of sales was 21.8% during the first quarter of
1996, as compared with 22.6% during the comparable quarter in 1995. The
effects of purchasing efficiencies gained through vendor volume, rebate and
other discount programs, improved inventory loss experience, improved operating
efficiencies in the Company's crossdock facilities and leveraging occupancy
costs through higher average sales per store were offset by lower gross margins
resulting from an increase in sales of lower margin business machines and
computers, combined with decreased margins in the contract stationer business.
The Company's management believes that gross profit as a percentage of sales
may fluctuate as a result of numerous factors, including continued expansion of
its contract stationer business, competitive pricing in more market areas,
continued change in sales product mix, as well as purchasing efficiencies
realized through growth in total merchandise purchases. Additionally,
occupancy costs may increase in many new markets and in certain existing
markets where the Company plans to add new stores and warehouses to complete
its market plan.
Store and warehouse operating and selling expenses as a percentage of sales
were 15.1% and 15.0% in the first quarter of 1996 and 1995, respectively.
Store and warehouse operating and selling expenses, consisting primarily of
payroll and advertising expenses, have increased primarily due to the Company's
expansion program and the integration of its delivery business. While the
majority of store and warehouse expenses vary proportionately with sales, there
is a fixed cost component to these expenses that, as sales increase within each
store and warehouse and within a cluster of stores in a given market area,
should decrease as a percentage of sales. This benefit may not be fully
realized, however, during periods when a large number of new stores and
delivery centers are being opened, as new facilities typically generate lower
sales than the average mature location, resulting in higher operating and
selling
8
9
expenses as a percentage of sales for new facilities. This percentage is also
affected when the Company enters large metropolitan market areas where the
advertising costs for the full market must be absorbed by the small number of
stores initially opened. As additional stores in these large markets are
opened, advertising costs, which are substantially a fixed expense for a market
area, should be reduced as a percentage of sales. The Company has also
continued a strategy of opening stores in existing markets. While increasing
the number of stores increases operating results in absolute dollars, this also
has the effect of increasing expenses as a percentage of sales since the sales
of certain existing stores in the market may initially be adversely affected.
In addition to the Company's retail expansion, the expenses incurred in the
integration of acquired facilities in its delivery business have contributed to
increased warehouse expenses. These integration costs are expected to continue
to impact store and warehouse expenses at decreasing levels through the end of
1996.
Pre-opening expenses decreased to $1,141,000 in the first quarter of 1996 from
$3,252,000 in the comparable period in 1995. Pre-opening expenses in the first
quarter of 1995 include costs associated with replacing four existing customer
service centers with larger, more functional facilities, while the first
quarter of 1996 pre-opening expenses include costs associated with replacing
one existing customer service center. Additionally, the Company added four
office supply stores in the first three months of 1996, as compared with 12 new
office supply stores in the comparable 1995 period. Pre-opening expenses,
which are currently approximately $150,000 per standard office supply store and
greater for a megastore, are predominately incurred during a six-week period
prior to the store opening. Warehouse pre-opening expenses approximate
$500,000; however, these expenses may vary with the size of future warehouses.
These expenses consist principally of amounts paid for salaries and property
expenses. Since the Company's policy is to expense these items during the
period in which they occur, the amount of pre-opening expenses in each quarter
is generally proportional to the number of new stores or customer service
centers opened or in the process of being opened during the period.
General and administrative expenses as a percentage of sales were 2.7% for both
the first quarter of 1996 and 1995. General and administrative expenses
include, among other costs, site selection expenses and store management
training expenses, and therefore vary with the number of new store openings,
among other factors. During 1995 and 1996, the Company increased its
commitment to improving the efficiency of its management information systems
and significantly increased its information systems programming staff. While
this increases general and administrative expenses in current periods, the
Company believes the systems investment will provide benefits in the future.
These increases have been partially offset by a decrease in certain other
general and administrative expenses as a percentage of sales, primarily as a
result of the Company's ability to increase sales without a proportionate
increase in corporate expenditures for these expense categories. However,
there can be no assurance that the Company will be able to continue to increase
sales without a proportionate increase in corporate expenditures for these
expense categories. General and administrative expenses have been higher in
the contract stationers' business than in the retail business.
9
10
LIQUIDITY AND CAPITAL RESOURCES
Since the Company's inception in March 1986, the Company has relied on equity
capital, convertible debt and bank borrowings as the primary sources of its
funds. Since the Company's store sales are substantially on a cash and carry
basis, cash flow generated from operating stores provides a source of liquidity
to the Company. Working capital requirements are reduced by vendor credit
terms, which allow the Company to finance a portion of its inventories. The
Company utilizes private label credit card programs administered and financed
by financial service companies, which allow the Company to expand its store
sales without the burden of additional receivables. The Company has also
utilized capital equipment financings as a source of funds.
Sales made from the customer service centers are generally made under regular
commercial credit terms where the Company carries its own receivables. As the
Company expands into servicing additional large companies, it is expected that
the Company's receivables will continue to grow.
In the first quarter of 1996, the Company added four office supply stores,
compared with 12 new office supply stores added in the first quarter of 1995.
Net cash provided by operating activities was $14,576,000 in the first three
months of 1996, compared with net cash used by operating activities of
$22,814,000 in the comparable 1995 period. As stores mature and become more
profitable, and as the number of new stores opened in a year becomes a smaller
percentage of the existing store base, cash generated from operations should
provide a greater portion of funds required for new store inventories and other
working capital requirements. Cash generated from operations will continue to
be impacted by an increase in receivables carried without outside financing and
increases in inventories at the stores as the Company continues to expand its
offerings in computers and business machines. Capital expenditures are also
affected by the number of stores and warehouses opened, converted or acquired
each year and the increase in computer and other equipment at the corporate
office required to support such expansion. Cash utilized for capital
expenditures was $28,165,000 and $47,326,000 in the first three months of 1996
and 1995, respectively.
During the 13 weeks ended March 30, 1996, the Company's cash balance decreased
approximately $25,531,000 and long- and short-term debt decreased by
approximately $18,410,000, excluding $4,164,000 in non-cash accretion of
interest on the Company's zero coupon, convertible debt and $5,252,000 of
equipment purchased under capital leases.
The Company has a credit agreement with its principal bank and a syndicate of
commercial banks to provide for a working capital line and letters of credit
totaling $300,000,000. The credit agreement provides that funds borrowed will
bear interest, at the Company's option, at either: the higher of the prime rate
or .5% over the Federal Funds rate; the LIBOR rate plus .25% to .375%,
depending on the fixed charge coverage ratio; 1.75% over the Federal Funds
rate; or under a competitive bid facility.
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The Company must also pay a facility fee of between .125% and .25% per annum,
depending on the Company's fixed charge coverage ratio on the available and
unused portion of the credit facility. The credit facility currently expires
June 30, 2000. As of March 30, 1996, the Company had outstanding borrowings of
$80,000,000 and had outstanding letters of credit totaling approximately
$14,848,000 under the credit facility. The credit agreement contains certain
restrictive covenants relating to various financial statement ratios. In
addition to the credit facility, the bank has provided a lease facility to the
Company under which the bank has agreed to purchase up to $25,000,000 of
equipment on behalf of the Company and lease such equipment to the Company. As
of March 30, 1996, the Company has utilized approximately $12,682,000 of this
lease facility.
The Company plans to open approximately 75 new office supply stores and one or
two delivery warehouses during the remainder of 1996. Management estimates
that the Company's cash requirements, exclusive of pre-opening expenses, will
be approximately $1,700,000 for each additional office supply store, which
includes an average of approximately $900,000 for leasehold improvements,
fixtures, point-of-sale terminals and other equipment in the stores, as well as
approximately $800,000 for the portion of the store inventories that is not
financed by vendors. The cash requirements, exclusive of pre-opening expenses,
for a delivery warehouse is expected to be approximately $5,300,000, which
includes an average of $3,100,000 for leasehold improvements, fixtures and
other equipment and $2,200,000 for the portion of inventories not financed by
vendors. In addition, management estimates that each new store and warehouse
will require pre-opening expenses of approximately $150,000 and $500,000,
respectively. Pre-opening expenses for a megastore will be higher than a
regular office supply store.
FUTURE OPERATING RESULTS
The future operating results of the Company may be affected by a number of
factors, including without limitation the following:
The Company competes with a variety of retailers, dealers and distributors in a
highly competitive marketplace. High-volume office supply chains and contract
stationers that compete directly with the Company operate in most of its
geographic markets. This competition will increase in the future as both the
Company and these and other companies continue to expand their operations.
There can be no assurance that such competition will not have an adverse effect
on the Company's business in the future. The opening of additional Office
Depot stores, the expansion of the Company's contract stationer business in new
and existing markets, competition from other office supply chains and contract
stationers, and regional and national economic conditions will all affect the
Company's comparable sales results. In addition, the Company's gross margin
and profitability would be adversely affected if its competitors were to
attempt to capture market share by reducing prices.
The Company's plans to continue its strategy of aggressive store growth,
opening approximately 75 new office supply stores and one or two delivery
warehouses during the remainder of 1996. There can be no assurance that the
Company will be able to
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find favorable store locations, negotiate favorable leases, hire and train
employees and store and warehouse managers, and integrate the new stores and
operating systems in a manner that will allow it to meets its expansion
schedule. The failure to be able to expand by opening new stores on plan could
have a material adverse effect on the Company's future sales and profitability.
In addition, as the Company expands the number of its stores in existing
markets, sales of existing stores can suffer. New stores typically take time
to reach the levels of sales and profitability of the Company's existing stores
and there can be no assurance that new stores will ever be as profitable as
existing stores because of competition from other store chains and the tendency
of existing stores to share sales as the Company opens new stores in its more
mature markets.
Fluctuations in the Company's quarterly operating results have occurred in the
past and may occur in the future. A variety of factors such as new store
openings with their concurrent pre-opening expenses, the extent to which new
stores are less profitable as they come on line, the effect new stores have on
the sales of existing stores in more mature markets, the pricing activity of
both stores and contract stationers in the Company's markets, changes in the
Company's product mix, increases and decreases in advertising and promotional
expenses, the effects of seasonality, acquisitions of contract stationers and
stores of competitors or other events could contribute to this quarter to
quarter variability.
The Company has grown dramatically over the past several years and has shown
significant increases in its sales, stores in operation, employees and
warehouse and delivery operations. In addition, the Company acquired a number
of contract stationer operations and the expenses incurred in the integration
of acquired facilities in its delivery business have contributed to increased
warehouse expenses. These integration costs are expected to continue to impact
store and warehouse expenses at decreasing levels through the end of 1996. The
failure to achieve the projected decrease in integration costs towards the
latter half of 1996 could result in a significant impact on the Company's net
income. The Company's growth, through both store openings and acquisitions,
will continue to require the expansion and upgrading of the Company's
operational and financial systems, as well as necessitate the hiring of new
managers at the store and supervisory level.
The Company has entered a number of international markets using licensing
agreements and joint venture arrangements. The Company intends to enter other
international markets as attractive opportunities arise. In addition to the
risks described above that face the Company's domestic store and delivery
operations, internationally the Company also faces the risk of foreign currency
fluctuations, local conditions and competitors, obtaining adequate and
appropriate inventory and, since its foreign operations are not wholly owned, a
lack of operating control in certain countries.
The Company currently believes that its current cash and cash equivalents,
funds generated from operations, equipment leased under the Company's existing
or new lease financing arrangements and funds available under its revolving
credit facility should be sufficient to fund its planned store and delivery
center openings and other
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operating cash needs, including investments in international joint ventures,
for at least the next twelve months. However, there can be no assurance that
additional sources of financing will not be required during the next twelve
months as a result of unanticipated cash demands or opportunities for expansion
or acquisition, changes in growth strategy or adverse operating results. Also,
alternative financing will be considered if market conditions make it
financially attractive. There also can be no assurance that any additional
funds required by the Company, whether within the next twelve months or
thereafter, will be available to the Company on satisfactory terms.
PART II. OTHER INFORMATION
Items 1-5 Not applicable.
Item 6 Exhibits and Reports on Form 8-K
a. 27.1 Financial Data Schedule (for SEC use only)
b. The Company did not file any Reports on Form 8-K during the quarter
ended March 30, 1996.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
OFFICE DEPOT, INC.
------------------
(Registrant)
Date: May 10, 1996 By:/s/ Barry J. Goldstein
--------------------------------
Barry J. Goldstein
Executive Vice President-Finance
and Chief Financial Officer
14
15
INDEX TO EXHIBITS
27.1 Financial Data Schedule (for SEC use only)
15
5
1,000
3-MOS
DEC-28-1996
DEC-31-1995
MAR-30-1996
36,462
0
199,543
3,995
1,266,901
1,688,668
781,123
199,853
2,506,618
957,390
489,225
0
0
1,588
1,044,195
2,506,618
1,632,995
1,632,995
1,277,617
1,525,531
45,773
488
5,311
56,390
22,907
33,483
0
0
0
33,483
.21
.21
