Office Depot, Inc. (NASDAQ:ODP) Q1 2018 Earnings Conference Call - Preliminary Transcript

May 09, 2018 • 09:00 am ET

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Office Depot, Inc. (NASDAQ:ODP) Q1 2018 Earnings Conference Call - Preliminary Transcript

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Presentation
Operator
Operator

Good morning, and welcome to the Office Depot's First Quarter 2018 Earnings Conference Call. All lines will be on a listen-only mode for today's call after which instructions will be given in order to ask a question. At the request of Office Depot, today's call is being recorded.

I would like to introduce Richard Leland, Vice President, Investor Relations and Treasurer. Mr. Leland, you may now begin.

Executive
Richard Leland

Good morning, and thank you for joining us. This is Rich Leland, and I'm here with Gerry Smith, our CEO; and Joe Lower, our Executive Vice President and CFO. On today's call, Gerry will provide an update on the business, including highlights of some noteworthy achievements during the quarter and progress towards our transformation. Joe will then review the company's quarterly financial results, including divisional performance as well as an update on our outlook for 2018. Following Joe's discussion, Gerry will have some closing comments, and then we'll open the line for your questions.

Before we begin, I need to inform you that certain comments made on this call include forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the company's current expectations concerning future events and are subject to a number of factors and uncertainties that could cause actual results to differ materially. A detailed discussion of these factors and uncertainties is contained in the company's filings with the US Securities and Exchange Commission.

During the call, we'll use some non-GAAP financial measures as we describe business performance. The SEC filings as well as the earnings press release, presentation slides that accompany today's comments and reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are all available on our website at investor.officedepot.com. Today's call and slide presentation is being simulcast on our website and will be archived there for at least one year.

I'll now turn the call over the Office Depot's CEO, Gerry Smith.

Executive
Gerry Smith

Thank you, Rich, and good morning to everyone on the phone with us today. I'm very pleased to be here with you this morning and report on the positive momentum that we are seeing in the business and a tangible evidence of the progress we are starting to deliver on our journey to transform Office Depot. As you know, one of the key pillars of our strategy is to strengthen our core operations, and we're making great progress as our first quarter results demonstrate. Our mindset is on winning every day by focusing on demand generation, reaching new customers and growing the customer base across the organization.

As these initiatives continue to gain traction, we expect to build additional momentum throughout the year as we continue to fundamentally reposition Office Depot for the future. Beginning on Slide 4, I'd like to share with you some of our strong first quarter financial highlights. Total sales in the first quarter were $2.8 billion and up 6% versus the prior year. Let