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Office Depot fiscal Q1 profit climbs YOY

Office Depot Inc. said its normalized net income for the fiscal first quarter ended March 28 amounted to 13 cents per share, compared with the S&P Capital IQ consensus estimate of 13 cents per share.

EPS increased year over year from 6 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $73.8 million, a gain from $32.8 million in the year-earlier period.

The normalized profit margin rose to 1.9% from 0.8% in the year-earlier period.

Total revenue decreased 11.0% year over year to $3.88 billion from $4.35 billion, and total operating expenses fell 12.6% on an annual basis to $3.74 billion from $4.28 billion.

Reported net income came to $44.2 million, or 8 cents per share, compared to a loss of $111.3 million, or a loss of 21 cents per share, in the year-earlier period.