Office Depot shares increased as much as 15% Thursday after the office supplies retailer announced an aggressive cost-cutting effort that includes closing 300 stores over three years, including 65 locations in the fourth quarter, as well as the sale of its international businesses.
Office Depot bested third quarter expectations with earnings of 16 cents per share, topping analysts’ estimates of 15 cents per share. Revenue decreased 7% from the same quarter last year from $3 billion to $2.84 billion, however, missing Wall Street’s estimates for $3.49 billion.
