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Office Depot fiscal Q1 profit falls 16.1% YOY

Office Depot Inc. said its normalized net income for the fiscal first quarter ended March 26 amounted to 11 cents per share, compared with the S&P Capital IQ consensus estimate of 12 cents per share.

EPS declined 16.4% year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $61.9 million, a decline of 16.1% from $73.8 million in the year-earlier period.

The normalized profit margin rose to 2.3% from 1.9% in the year-earlier period.

Total revenue fell 8.6% on an annual basis to $3.54 billion from $3.88 billion, and total operating expenses declined 8.3% year over year to $3.43 billion from $3.74 billion.

Reported net income came to $44.4 million, or 8 cents per share, compared to $44.2 million, or 8 cents per share, in the prior-year period.