Office Depot profit more than doubles on store sales, lower costs

Office supply chain Office Depot Inc (ODP.O) reported its first-quarter profit more than doubled, helped by the sale of some stores and lower costs.

The company's net income rose to US$116 million, or 22 cents per share, in the quarter ended April 1, from US$46 million, or eight cents per share, a year earlier. Net sales fell to US$2.68 billion from US$2.88 billion.

Same-store sales in the company's North America retail business fell five per cent, mainly due to lower customer visits to its stores.