Office Depot sees earnings slide

DELRAY BEACH — Office Depot made money in the third quarter, just not quite as much as it did during the same period a year ago, blaming the slowing economy.

More significantly: same-store sales declined year over year.

The office supply retailer Tuesday reported third quarter profit of $117.5 million, or 43 cents a share, on revenue of $3.9 billion.

A year ago, Office Depot earned $129 million, or 46 cents a share, on revenue of $3.86 billion.

Sales for the North American retail division were flat at $1.8 billion. Same-store sales were down 5 percent.

The company cited a study linking its declining sales with the slumping housing market, particularly in California and Florida, where housing has taken a nosedive.

For the nine months, the company earned $377 million, or $1.38 a share, on revenue of $11.7 billion. That compares with profit of $377 million, or $1.33 a share, or $11.2 billion.

Office Depot originally scheduled its earnings release for last month but delayed it because of an internal investigation into the timing of vendor payments. That investigation, completed last week, found that the company prematurely booked certain payments, and will have to restate earnings.

Office Depot closed down $1.31 a share to $17.49.