First-Quarter Results Show Office Depot's B2B Plans Are On-Target
It would have been easy to forget it, given the past few weeks. But, a couple of years ago, office supply retailer Office Depot (NASDAQ: ODP) switched gears. Although it would still cater to consumers via its stores, it turned up the heat on the business it did with other businesses.
This redirected effort appears to be the key reason the company was able to sidestep coronavirus-related headwinds last quarter. Although sales fell, they didn't fall by much, and same-store sales were actually up year over year. A slightly stronger headwind is expected to take shape for the quarter currently underway, as consumers as well as businesses try to regroup from worldwide lockdowns.
Still, last quarter's resiliency suggests Office Depot's plan to reposition itself as an institution-oriented service provider is working out well.
Source Fool.com
