BOCA RATON — Retailer Office Depot said Tuesday that it had substantially cut losses for the fourth quarter while red ink for the year also declined.
For the fourth quarter, the company lost $76.7 million, or 28 cents a share, on revenue of $3.07 billion, compared with losses of $1.5 billion, or $5.64 a share, on revenue of $3.3 billion.
For the year, Office Depot reported a loss of $596 million, or $2.30 a share, on revenue of $12.1 billion, compared to a loss of $1.5 billion, or $5.42 a share, on revenue of $14.5 billion.
“Our fourth quarter operating results and cash flow performance exceeded our expectations due to stronger than anticipated sales in our North American Retail and International businesses,” said Mike Newman, Office Depot’s chief financial officer. “We remain pleased with the execution of our strategic initiatives across the entire enterprise.”
During the fourth quarter, Office Depot closed eight stores, opened two and relocated one store, bringing the total store count for North America to 1,152 as of Dec, 26.
PALM BEACH GARDENS — Dycom Industries said Tuesday that it recorded second a second quarter loss of $3.9 million, or a dime a share, on revenue of $216.3 million, compared with a loss of $77.9 million, or $1.98 a share, on revenue of $245.5 million for the same period a year ago. Dycom specializes in constructing telecommunications lines.
MIAMI — Homebuilder Lennar reported a fourth-quarter profit Thursday, while substantially cutting its loss for the year.Lennar earned $35.6 million, or 19 cents a share, on revenue of $913.7 million for the fourth quarter, compared with a loss of $811 million, or $5.12 a share, on revenue of $1.28 billion for the same period a year ago.
For the year, losses totaled $417 million, or $2.45 a share, on revenue of $3.1 billion. A year ago, Lennar lost $1.11 billion, or $7 a share, on revenue of $4.6 billion.
CEO Stuart Miller cited a stabilizing housing market spurred in part by first-time buyer tax credits.
"During the fourth quarter, the overall housing market continued to move towards stabilization as more confident homebuyers took advantage of increased affordability and the $8,000 federal tax credit,” Miller said. “While we continue to adapt our business in light of the current economic landscape and its challenges, we are optimistic that homebuyers have recognized that the residential housing market is improving and will continue to take advantage of the extended housing stimulus."
Miller said the company recorded its first year-0ver-year increase in orders since the first quarter of 2006, and improved operating margins by reducing sales incentives, lower construction costs and a successful rollout of new products.
FORT LAUDERDALE — National Beverage Thursday reported second quarter profit of $8.3 million, or 18 cents a share, on revenue of $149.6 million compared with profit of $6.5 million, or 14 cents a share, on revenue of $144 million.
“We find ourselves quite content and privileged to report six-month results that sustained both revenue and profit growth in spite of the present economic climate,” said Chairman and CEO Nick A. Caporella. “Our revenue growth in North America out-classed most other soft drink producers and this performance remains attributable to our value brands and today’s cautious consumer spending philosophy.”
