Another Coronavirus Impact: 'Elongated' BTS Season, ODP CEO Says; Stock Up
A disappointing back-to-school season has been “elongated,” said ODP CEO Gerry Smith on a quarterly call Thursday (see Q3 materials here). The former Office Depot expects sales that didn’t materialize in the traditional BTS season to stretch into Q4 and…
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Q1, Smith said, hoping the 53% of students currently learning from home due to the COVID-19 pandemic will go back to the classroom in coming months and need supplies. ODP had a 9% Q3 revenue drop to $2.5 billion, but e-commerce sales grew 20% as the company positioned itself as a source for home office and learn-from-home products. Shares closed up 18% at $24.90. Chief Financial Officer Anthony Scaglione highlighted adjacent categories -- cleaning and break room, personal protective equipment, technology, furniture, and copy and print -- which made up 47% of business solutions division revenue. Buy online, pick up in store fulfillment rose 82%, said Scaglione.