For us, it’s a solution that pays for itself very quickly.”. This proven consistent value has led Office Depot to roll out Namogoo’s solution to all of their Viking Direct brand sites across Europe. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. We also sanitize our facilities and required our employees in our supply chain and distribution operations to wear Personal Protective Equipment and continue to promote social distancing by staggering shifts and increasing space in common areas. today with respect to the proposed transaction. In fact, we expanded into a new category during the quarter, Personal Protection Equipment or PPE quickly launching this category meeting our customer needs. But -- and we're obviously we have a lot more confidence today than we did early in Q2 and to be honest, with Q2 we produced the results we did in this, to be honest, the worse economic times in the country's history. our eCommerce Of course, being a CFO, I quickly recognized the strength of our balance sheet and the flexibility that affords us in terms of capital allocation as we transform the business, pursue growth and create value for shareholders. Our customers have come to depend on this for the categories such as technology products, cleaning and breakroom, workspaces and furniture, school supplies, copy and print and technology services with CompuCom, we continue to evaluate launching new products and service categories leveraging our capabilities and customer relationships. unanticipated downturns in business relationships with customers; We have our fingers on the pulse of the business activity and are monitoring across our channel, so we stay agile and continue to leverage our supply chain, our product breadth and our routes-to-market, particularly e-commerce help us continue to drive the business and revenue growth. Clearly, this is not a business as usual situation and the effect of the outbreak, most notably impacted top line results in our BSD division. other risks and uncertainties described in Office Depot’s Annual Reports As Gerry mentioned, sales improved in each month throughout the second quarter and has thus far continued per quarter-to-date, as business activity increased and companies began to adjust their needs for the work-from-home environment. Having been classified as an essential business operation, our businesses remained open throughout the pandemic. earlier this year. Number three, continue to leverage our assets across supply chain and procurement, expanding the product and services that we offer our customers, driving value and building upon our sourcing capabilities. That said we remain in a position of strength to not only continue to address these challenges but also to position us for future growth. I guess my question is, I know we're only a couple of quarters into this new operating environment and you're managing the cost structure dynamically very well but just kind of curious given the shift in category and channels, do you have any early learnings around what the long-term margin profile in BSD might be once we kind of reach a steady state top line in that business as a comparison historical margins? Excluding these items and other items, our adjusted operating income for the second quarter was $10 million compared to $71 million in the prior year period. Our total adjacency categories grew relative to last year and comprised approximately 48% of total revenue in our BSD division. Investors As the POV test results reached statistical significance, the Office Depot team were pleased to achieve a 3.4% overall conversion rate uplift. So depending on the composition of products we can shift up and down relative to whatever our customers' need and have that capability, which is why, I keep saying a platform is important because we can offer more than just our current offerings, we want to continue to bring more and more adjacencies on this to -- and your cost of distribution that we deliver in five different things, five different categories versus one category, you're going to get scaling in that business as well. We drove an increase in demand for essential products to support work and learn-from-home environments as well as essential cleaning products including PPE to address customers' needs posed by the pandemic. So I want to follow up on that a little bit. Few supply chains in North America have this capability, enabled us to consistently and reliably serve customers no matter what channel they choose for our products and services. But a huge focus on low cost model and we'll continue to drive that in the future. Our retail division remained open and operational during the pandemic, generating continued demand for essential products including cleaning and breakroom as well as products to set up home offices and remote learning, including technology and furniture. Can you give us what the run rate growth or decline for the business is in July so far? These forward-looking statements reflect the Company's current expectations concerning future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially. For the second half it should be low-to-mid single-digits on an annual basis. Sales were $214 million, down 17% versus the prior year period. We continue to expand our value proposition with new product offerings and continue to win new business in the quarter. Please state your company name then proceed with your question. regulations. Office Depot and Office Max merged in the year 2013 and became the second-largest player in the office supplies industry. “It was extremely easy and straightforward and the time invested was absolutely minimal, Namogoo provided us with the data we needed during the POV process and all our meetings.”. Safety of our associates, customers and families in our communities continue to remain our top priority. The transaction is And then, just more broadly as you think about back-to-school, how are you trying to position to it? correct, and therefore investors and stockholders should not place undue other variations of such words. Because of this reported sales in the quarter for BSD were $1.02 billion, a decrease of 23% compared to the prior year period. We have net new customer wins in the quarter and a significant amount of renewals. As we all witnessed the COVID-19 pandemic has caused significant disruption for businesses and has created unique challenges in the daily lives of our consumers. related to the termination of Office Depot’s pending acquisition by Additional press information can be found at: http://news.officedepot.com . As a work stream owner as well as benchmarks in place. At its retail stores, it says that “nearly 30%” of customers are from businesses. Now turning to how this is helping us navigate one of the most challenging business environments in our nation's history, please turn to Slide 6 for business highlights. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. its European business to The AURELIUS Group. statements generally will be accompanied by words such as “anticipate,” The transaction is structured as an equity sale, for nominal So as we said in the script we -- obviously, the early part of Q2 was very, very tough. So as the business modulates and areas for us to improve the top line recapture, those are the areas that we'll look at reinvesting. 13.85% Hijacking Rate I just want to thank everyone for joining the call today and I just wish everyone stays safe in this difficult environment and we look forward to our conversation when we close Q3. We will also continue to make strategic investments in our supply chain and B2B capabilities. It all starts with our global sourcing and distribution presence and capabilities built upon the relationships that have been developed over decades. We appreciate you joining us during what we expect has been a challenging time for most. Thank you. RelationsRichard.Leland@officedepot.comorKaren Adding to this, was our deliberate effort to reduce certain unprofitable accounts to improve future profitability. Aligned with our strategic objectives, we made significant progress across our platform on a number of fronts. near the top of our Namogoo’s solution gave us visibility into what our eCommerce platform looked like from the customer-side perspective. We're also proud of our support for our local communities during this challenging times. As Gerry addressed earlier, CompuCom support for its customers during the pandemic has been stellar. Operating income was $18 million in the second quarter, up 100% over the same period last year or as a percentage of sales, a 110 basis points improvement in margins. several banner brands including Office Depot, OfficeMax, Grand & Toy, To expand upon that we combined our sourcing supply chain capabilities with balanced routes-to-market to reach our customers, we created a platform that our customers can access to most appropriately satisfy their needs. Unallocated corporate expenses were $25 million in the quarter, basically flat with last year. Market data powered by FactSet and Web Financial Group. Good morning, it's UBS. And so, we're going to continue to drive that in the future as we do come back into a work environment in the future.
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