OK here I'm posting the ODP Press release only untill the part of softer sales look at the last paragraph
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Company Press Release
Office Depot Announces First Quarter 1999 Results EPS, Before Merger and Restructuring Charges, Increased 24% 1Q99 Internet Sales Surged 759% to $50.3 MM
DELRAY BEACH, Fla.--(BUSINESS WIRE)--April 15, 1999--OFFICE DEPOT, INC. (NYSE:ODP - news), the world's largest seller of office products, today announced that earnings per share before merger and restructuring charges for the first quarter ended March 27, 1999 rose 24% to $0.26 as compared with $0.21 for the first quarter of 1998.
For the first quarter ended March 27, 1999, the Company recorded merger and restructuring charges of $1.69 million, net of tax benefits, related to the merger with Viking Office Products, Inc. (''Viking'') and other restructuring activities. These merger and restructuring charges consist of expenses directly attributable to the merger and the estimated costs, primarily asset impairment, of restructuring and integrating operations.
Total sales for the quarter rose 9% to $2.62 billion from $2.40 billion in the first quarter of 1998. Comparable sales in the 602 stores and 30 delivery centers in the U.S. and Canada that have been opened for more than one year increased 2% for the first quarter of 1999.
In reviewing the Company's results, David I. Fuente, Chairman and CEO, commented: ''Our first quarter results reflect our continuing ability to generate sustainable, profitable growth. While our sales were somewhat softer than expected, margins remained strong throughout the quarter. As we move forward, we are excited about our opportunities in all areas of the business, and our outlook for the balance of 1999 continues to be healthy.''
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