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OFFICE DEPOT REPORTS 28 PERCENT INCREASE IN SALES AND 85 PERCENT INCREASE IN OPERATING PROFIT

 OFFICE DEPOT REPORTS 28 PERCENT INCREASE IN SALES
 AND 85 PERCENT INCREASE IN OPERATING PROFIT
 DELRAY BEACH, Fla., July 16 /PRNewswire/ -- Office Depot, Inc. (NYSE: ODP), the nation's largest chain of office products superstores, today reported earnings of $6,451,000 ($.11 per share) for the second quarter of 1992 compared to a net loss in the second quarter of 1991 of ($4,368,000) ($.08 per share). The prior year's loss was attributable to one-time costs of $8,950,000 ($.14 per share) associated with the acquisition of The Office Club, Inc.
 In May, 1992, the company completed a two-for-one split of the company's common stock. All historical share and per share information has been restated to reflect this stock split.
 Sales for the second quarter of 1992 rose 28 percent to $386,832,000 compared to $302,721,000 for the second quarter of 1991. Operating profit increased 85 percent to $10,756,000 in the second quarter of 1992 from $5,816,000 in 1991.
 Comparable store sales in the second quarter of 1992 increased 10 percent for the 200 stores which were open for more than one year. This compares with a comparable store sales increase of 7 percent for the second quarter of 1991.
 For the six months ended June 27, 1992, the company reported sales of $820,135,000, a 31 percent increase over the $627,987,000 in sales for the comparable period last year. Operating profit and net earnings for the first six months of 1992 were $25,879,000 and $15,802,000 respectively, as compared to $15,712,000 and $1,463,000, respectively, for the same period in 1991.
 Earning per share for the first six months of 1992 were $.26, compared to $.03 for the same period in 1991. Earnings and earnings per share for the second quarter of 1991 and the first six months of 1991 were impacted by a $.14 per share one-time charge relating to $8,950,000 in merger costs. If merger costs and related tax effects are excluded, the company's 1991 second quarter earnings would have been $3,042,000 ($.06 per share) and earnings for the first six months of 1991 would have been $8,873,000 ($.17 per share).
 David I. Fuente, chairman and chief executive officer of Office Depot, Inc. commented, "The company is pleased that it has been able to continue to achieve significant increases in sales, operating profit, and earnings per share. We are encouraged by the year-to-date 1992 comparable store sales increase of 11 percent, especially in light of the current retail and economic environment."
 As of June 27, 1992, the company operated 255 stores, including 250 in the United States and five in Canada. The company has opened an additional four stores since the end of the second quarter.
 The company is traded in the New York Stock Exchange under the symbol "ODP" and is included in the Standard and Poor's Mid Cap Index.
 OFFICE DEPOT, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 (In thousands, except per share amounts)
 (UNAUDITED)
 13 Weeks 13 Weeks 26 Weeks 26 Weeks
 Ended Ended Ended Ended
 June 27, June 29, June 27, June 29,
 1992 1991 1992 1991
 Sales $386,832 $302,721 $820,135 $627,987
 Cost of goods
 sold and
 occupancy costs 298,074 233,372 631,532 484,647
 Gross profit 88,758 69,349 188,603 143,340
 Store operating
 and selling
 expenses 63,623 51,979 134,155 104,445
 Pre-opening
 expenses 1,610 1,917 3,228 3,707
 General and
 administrative
 expenses 12,769 9,637 25,341 19,476
 78,002 63,533 162,724 127,628
 Operating profit 10,756 5,816 25,879 15,712
 Merger Costs -- 8,950 -- 8,950
 Interest expense
 (income), net 94 716 (118) 1,291
 Earnings (loss) before
 income taxes and
 extraordinary
 credit 10,662 (3,850) 25,997 5,471
 Income taxes 4,211 443 10,195 4,071
 Earnings (loss)
 before extraordinary
 credit 6,451 (4,293)(A) 15,802 1,400(A)
 Extraordinary
 credit -- (75) -- 63
 Net earnings (loss) $6,451 $(4,368)(A)$15,802 $1,463(A)
 Earnings (loss) per
 common and common
 equivalent share
 Earnings (loss) before
 extraordinary
 credit $ 0.11 $ (0.08)(A) $0.26 $0.03(A)
 Extraordinary
 credit -- -- -- --
 Net earnings (loss) $ 0.11 $ (0.08)(A) $0.26 $0.03(A)
 Average common
 and common
 equivalent
 shares 60,693 52,286 60,827 51,660
 (A) -- Includes merger costs of $8,950 ($.14 per share). Excluding merger costs and their related tax effect, earnings would have been $3,042 ($.06 per share) for the second quarter of 1991 and $8,873 ($.17 per share) for the first six months of 1991.
 -0- 7/16/92
 /CONTACT: Barry J. Goldstein, CFO, 407-265-4237 or Gary Schweikhart, public relations manager, 407-265-4399 or Paula Kraly, 407-265-4457, all of Office Depot/
 (ODP) CO: Office Depot, Inc. ST: Florida IN: REA SU: ERN


JB-SS -- FL004 -- 9885 07/16/92 09:06 EDT
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Date:Jul 16, 1992
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