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Office Depot loss widens as expenses rise

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POSTED August 5, 2014 9:50 p.m.

BOCA RATON, Fla. (AP) — Office Depot’s second-quarter loss widened as the office supply retailer dealt with increased expenses.

Its adjusted results met analysts’ expectations, while revenue topped Wall Street’s view.

The Boca Raton, Florida-based company reported a loss of $190 million, or 36 cents per share, for the period ended June 28. That compares with a loss of $64 million, or 23 cents per share, a year earlier.

Removing one-time items, Office Depot Inc. lost 2 cents per share. This matched the forecast of analysts polled by FactSet.

Selling, general and administrative expenses climbed to $863 million from $560 million, while merger, restructuring and other operating expenses rose to $103 million from $27 million.

Revenue increased 59 percent to $3.84 billion from $2.42 billion, bolstered by the inclusion of OfficeMax sales in the current quarter’s results. Wall Street predicted $3.81 billion in revenue.

Office Depot and OfficeMax Inc. completed their $1.2 billion merger in November 2013.

Shares of Office Depot shed 9 cents to $5.02 in Tuesday afternoon trading.

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