Office Depot Inc., the nation’s second-largest chain of office supply stores, said Wednesday that its fourth-quarter profit doubled on lower costs and an uptick in revenue.
The retailer earned $106.3 million, or 34 cents per share, up from $52.1 million, or 17 cents per share, a year earlier. Excluding certain charges, Office Depot said it would have earned 43 cents per share.
Revenue grew 7 percent to $3.72 billion from $3.47 billion as higher North American sales offset a decline in international revenue.
The latest period had one more week of sales than the 2004 quarter, but Office Depot said revenue would have increased 2 percent even excluding this boost. Adjusted profit, which excludes both charges and the extra sales week, totaled 38 cents per share.
Analysts surveyed by Thomson Financial were looking for profit of 32 cents per share on sales of $3.59 billion.
The company also benefited from lower general and administrative expenses, along with a reduced interest expense.
For the year, Office Depot earned $273.8 million, or 87 cents per share, on sales of $14.28 billion.