"There are signs of an economic slowdown in the U.K. which, if it persists, could provide continued challenges to the division's operations in the future"
Office Depot Inc., the nation's second biggest office-supply store chain, said Tuesday its third-quarter profit fell 9 percent, hurt by lower consumer spending, an economic slowdown in the U.K. and higher costs in North America.
The company had delayed its quarterly results to revise past financial statements after a whistleblower complaint prompted an independent review of vendor-program accounting. It found weakness in its internal controls and led to the firing of four merchandising employees and 2006 and 2007 results being restated. Read more
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Office Depot Inc., the nation's second biggest office-supply store chain, said Tuesday its third-quarter profit fell 9 percent, hurt by lower consumer spending, an economic slowdown in the U.K. and higher costs in North America.
The company had delayed its quarterly results to revise past financial statements after a whistleblower complaint prompted an independent review of vendor-program accounting. It found weakness in its internal controls and led to the firing of four merchandising employees and 2006 and 2007 results being restated. Read more
More...