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Office Depot lowers guidance as profits plummet

May 8, 2019

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Office Depot’s shift to business services through its CompuCom operations and its retail division hit a roadblock in the first quarter, and CEO Gerry Smith on a conference call with analysts Wednesday said the performance “clearly did not meet expectations.”

Despite that, Office Depot will double down on its transformation into a business-to-business services-oriented company, he said. He also said the company will aggressively cut costs to boost its income, but pointed to top-line success in services as evidence that the company is on the right track.

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