OFFICE DEPOT INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: February 24, 2009
Commission file number 1-10948
OFFICE DEPOT, INC.

(Exact name of registrant as specified in its charter)
Delaware 59-2663954
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6600 North Military Trail, Boca Raton, Florida 33496
(Address of principal executive offices) (Zip Code)
(561) 438-4800
(Registrant’s telephone number, including area code)
Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Attached hereto as Exhibit 99.1.1 and incorporated by reference herein is Office Depot, Inc.’s news release dated February 24, 2009,
announcing its financial results for its fiscal fourth quarter and full year 2008. This release also contains forward-looking statements relating to
Office Depot’s fiscal year 2009.
This information is furnished pursuant to Item 2.02 of Form 8-K. The information in this report shall not be treated as filed for purposes of the
Securities Exchange Act of 1934, as amended.
ITEM 7.01 REGULATION FD DISCLOSURE

The latest Investor Relations presentation that management of Office Depot, Inc. (the “Company”) intends to cover in any meetings with
shareholders during the quarter is attached to this Current Report on Form 8-K as Exhibit 99.1.2. The presentation provides an overview of the
Company, perspective on the office supply market and the Company’s operating results for the quarter and full year ended December 27, 2008.
In addition, the presentation provides information on strategy, action plans and outlook. The Company will also post the attached materials on
its web site ( www.OfficeDepot.com) located in the Investor Relations section of that site.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

Exhibit 99.1.1 News release of Office Depot, Inc. issued on February 24, 2009.
Exhibit 99.1.2 Presentation Materials for Investor Relations Conferences for Office Depot, Inc.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
OFFICE DEPOT, INC.
Date: February 24, 2009 By: /S/ ELISA D. GARCIA C.

Elisa D. Garcia C.
Executive Vice President, General Counsel and
Corporate Secretary
Exhibit 99.1.1
(OFFICE DEPOT LOGO)
CONTACTS:
Brian Turcotte
Investor Relations
561-438-3657
brian.turcotte@officedepot.com
Brian Levine
Public Relations
561-438-2895
brian.levine@officedepot.com
OFFICE DEPOT ANNOUNCES FOURTH QUARTER 2008 RESULTS

Delray Beach, Fla., February 24, 2009 — Office Depot, Inc. (NYSE: ODP), a leading global provider of office products and services, today
announced results for the fiscal period ending December 27, 2008.
FOURTH QUARTER RESULTS 1

Total Company sales for the fourth quarter decreased 15% to $3.3 billion. Total Company operating expenses, adjusted for Charges, increased
by $42 million from the fourth quarter of 2007. EBIT, adjusted for Charges, was a loss of $210 million in the fourth quarter of 2008 or a negative
6.4% as a percentage of sales, compared to a positive $6 million or 0.2% as a percentage of sales in the prior-year period.
The Company reported a net loss of $1.54 billion in the fourth quarter of 2008, compared to earnings of $19 million in the same period of 2007.
The loss per share on a diluted basis was $5.64 for the quarter, versus earnings per share of $0.07 in the fourth quarter of 2007. Adjusted for
Charges, the Company reported a loss of $199 million and a loss per share on a diluted basis of $0.73 for the fourth quarter of 2008, versus
earnings of $27 million and earnings per share of $0.10 in the same period one year ago.
The Charges are comprised of unusual items, including non-cash charges totaling $1.27 billion, or $4.54 per share recorded for goodwill and
trade name impairments, and pre-tax charges totaling $167 million, or $0.37 per share for actions taken as part of the strategic business review
announced in December 2008 and the plan announced in 2005.
Additional pre-tax charges taken in the fourth quarter related to the business downturn, primarily the impairment of North American Retail
store assets, totaled $125 million.
In the fourth quarter of 2008, the Company’s cash flow from operations was $30 million and cash flow before financing activities was $4 million.
FOURTH QUARTER DIVISION RESULTS

North American Retail Division
Fourth quarter 2008 sales in the North American Retail Division were $1.4 billion, down 17% compared to the same period last year.
Comparable store sales in the 1,207 stores in the U.S. and Canada that have been open for more than one year decreased 18% for the fourth
quarter. Although it appeared that the rate of sales decline experienced in California had stabilized for the first nine months of the year, the
1 Includes non-GAAP information. Fourth quarter results include impacts of previously announced programs (“Charges”). Additional
information is provided in our Form 10-K filing. Reconciliations from GAAP to non-GAAP financial measures can be found in this release, as
well as on the corporate web site, www.officedepot.com, under the category Investor Relations.
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fourth quarter proved to be much more challenging. While Florida continues to be the Division’s most troubled market, it has been declining at
a slower rate than the rest of the country.
The North American Retail Division had an operating loss of $119 million for the fourth quarter, a decline from the operating profit of
$23 million in the same period of the prior year. The operating profit decline was driven by a number of factors including a non-cash asset
impairment charge of $78 million; the flow through from the sales volume decline; and additional reserves for store closures, inventory and the
Company’s private label credit card. Partially offsetting this decline was an improvement in product margins in the fourth quarter.
During the fourth quarter, Office Depot opened two new stores, closed 10, and relocated one store, bringing the total store count to 1,267. The
Company also remodeled 11 stores in the quarter.
Inventory per store was $689 thousand at the end of the fourth quarter of 2008, down approximately 28% from the prior year. This decrease is a
result of the Company’s ability to align inventory investment with sales levels in the current economic environment.
North American Business Solutions Division
Fourth quarter 2008 sales in the North American Business Solutions Division were $920 million, down 14% compared to the same period last
year, driven by severe spending cuts by the Division’s customers.
The North American Business Solutions Division reported an operating loss of $28 million for the fourth quarter of 2008 compared to an
operating profit of $1 million for the same period of the prior year. The decrease in operating profit during the fourth quarter of 2008 primarily
relates to the flow through of the sales volume decline; increased bad debt reserves; and weaker customer and product mix. Partially offsetting
this decline were the negative adjustments for lower vendor program support and inventory clearance reserves from the fourth quarter of 2007
that did not recur.
International Division
The International Division reported a sales decrease of 15% in the fourth quarter of 2008 to $963 million, compared with the same period last
year, while sales in local currency decreased by 4%. Sales in the Direct channel were down 7% in local currencies as a result of small- to
medium-sized businesses reducing their discretionary expenditures and an increase in competitiveness within the channel. The Contract
channel also experienced a contraction in customer spending resulting in a sales decline of 2% in local currencies. Retail sales were up 1%
versus one year ago due to a third quarter of 2008 acquisition in Sweden.
Division operating profit was $10 million in the fourth quarter of 2008 compared to $60 million in the same period of the prior year. The decrease
in operating profit is a result of the flow through from the sales volume declines, intangible asset write offs in Europe and Asia, higher costs
and increased competition on key items, and unfavorable foreign exchange rates.
FULL YEAR RESULTS 1

For the full year, sales decreased 7% to $14.5 billion. The GAAP loss for fiscal 2008 was $1.48 billion, compared to earnings of $396 million in
fiscal 2007. The GAAP loss per share on a diluted basis was $5.42 in 2008, compared to diluted earnings per share of $1.43 in the prior year.
Adjusted for Charges, the diluted loss per share for fiscal 2008 was $0.41, versus diluted earnings per share of $1.54 in 2007.
For the full year, EBIT, adjusted for Charges, was a negative $51 million, compared to a positive $551 million in 2007.
Capital expenditures for 2008 were $330 million. Capital expenditures for 2009 are estimated to be reduced to about $150 million, primarily
reflecting a deceleration of the Company’s IT and supply chain initiatives and a reduction in retail store growth.
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Other Matters
The Company recognized about $165 million of pre-tax Charges related to the strategic business review announced in December of 2008. These
Charges included expenses related to North American retail store and supply chain facility closures, headcount reductions, asset write downs
and the rationalization of certain International businesses. The Company also recognized $2 million of pre-tax Charges related to the plan
announced in 2005. During 2009, the Company expects to recognize approximately $186 million in additional Charges related to initiatives
covered by this review and projects initiated under our 2005 restructuring program. The 2008 initiatives should benefit 2009 EBIT and cash
flow by approximately $130 million and $105 million, respectively.
In addition to the cash flow benefits provided by the actions taken as part of the strategic business review, the Company is actively pursuing
other internal sources of liquidity in 2009, including sale leasebacks of owned properties in the U.S. and Europe, the sale of certain accounts
receivable in Europe, dividends from a joint venture, and tax refunds. In total, Office Depot is targeting over $400 million in cash benefit from
internal initiatives in 2009.
At the end of December 2008, the Company had drawn $139 million on its asset-based loan (ABL) facility, and had $178 million in outstanding
letters of credit against the facility, leaving it with $712 million of availability. With $712 million of ABL availability and $156 million in cash on
hand at the end of December, Office Depot exited 2008 with $868 million in total available liquidity.
More information on the strategic business review is available in our Form 8-K filed with the Securities and Exchange Commission on
December 10, 2008 and our Form 10-K filed on February 24, 2009.
Additional information on the Company’s full year results can also be found in our Form 10-K filed with the Securities and Exchange
Commission on February 24, 2009.
Non-GAAP Reconciliation
A reconciliation of GAAP results to non-GAAP results excluding certain items is presented in this release and also may be accessed on the
corporate website, www.officedepot.com, under the category Company Info.
Conference Call Information

Office Depot will hold a conference call for investors and analysts at 9 a.m. (Eastern Daylight Time) today. The conference call will be available
to all investors via Web cast at http://investor.officedepot.com. Interested parties may contact Investor Relations at 561-438-7893 for further
information.
About Office Depot

Every day, Office Depot is Taking Care of Business for millions of customers around the globe. For the local corner store as well as Fortune
500 companies, Office Depot provides products and services to its customers through 1,713 worldwide retail stores, a dedicated sales force,
top-rated catalogs and a $4.8 billion e-commerce operation. Office Depot has annual sales of approximately $14.5 billion, and employs about
43,000 associates around the world. The Company provides more office products and services to more customers in more countries than any
other company, and currently sells to customers directly or through affiliates in 48 countries.
Office Depot’s common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index.
Additional press information can be found at: http://mediarelations.officedepot.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: The Private Securities Litigation Reform Act of 1995,
as amended (the “Act”) provides protection from liability in private lawsuits for “forward-looking” statements made by public companies
under certain
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circumstances, provided that the public company discloses with specificity the risk factors that may impact its future results. We want to
take advantage of the “safe harbor” provisions of the Act. Certain statements made in this press release are ‘forward-looking’ statements
under the Act. Except for historical financial and business performance information, statements made in this press release should be
considered ‘forward-looking’ as referred to in the Act. Much of the information that looks towards future performance of our company is
based on various factors and important assumptions about future events that may or may not actually come true. As a result, our operations
and financial results in the future could differ materially and substantially from those we have discussed in the forward-looking statements
made in this press release. Certain risks and uncertainties are detailed from time to time in our filings with the United States Securities
and Exchange Commission (“SEC”). You are strongly urged to review all such filings for a more detailed discussion of such risks and
uncertainties. The Company’s SEC filings are readily obtainable at no charge at www.sec.gov and at www.freeEDGAR.com, as well as on a
number of other commercial web sites.
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OFFICE DEPOT, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
As of As of
De ce m be r 27, De ce m be r 29,
2008 2007
Assets
Current assets:
Cash and cash equivalents $ 155,745 $ 222,954
Receivables, net 1,255,735 1,511,681
Inventories 1,331,593 1,717,662
Deferred income taxes 196,192 120,162
Prepaid expenses and other current assets 183,122 143,255
Total current assets 3,122,387 3,715,714
Property and equipment, net 1,557,301 1,588,958
Goodwill 19,431 1,282,457
Other intangible assets 28,311 107,987
Other assets 540,796 561,424
Total assets $ 5,268,226 $ 7,256,540
Liabilities and stockholders’ equity

Current liabilities:
Trade accounts payable $ 1,251,808 $ 1,591,154
Accrued expenses and other current liabilities 1,173,201 1,170,775
Income taxes payable 8,803 3,491
Short-term borrowings and current maturities of long-term debt 191,932 207,996
Total current liabilities 2,625,744 2,973,416
Deferred income taxes and other long-term liabilities 585,861 576,254
Long-term debt, net of current maturities 688,788 607,462
Minority interest 4,883 15,564
Commitments and contingencies
Stockholders’ equity:
Common stock — authorized 800,000,000 shares of $.01 par value; issued and outstanding shares
- 280,800,135 in 2008 and 428,777,625 in 2007 2,808 4,288
Additional paid-in capital 1,194,622 1,784,184
Accumulated other comprehensive income 217,197 495,916
Retained earnings 6,270 3,783,805
Treasury stock, at cost — 5,938,059 shares in 2008 and 155,819,358 shares in 2007 (57,947) (2,984,349)
Total stockholders’ equity 1,362,950 3,083,844
Total liabilities and stockholders’ equity $ 5,268,226 $ 7,256,540
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OFFICE DEPOT, INC.

CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
13 W e e k s En de d 52 W e e k s En de d
De ce m be r 27, De ce m be r 29, De ce m be r 27, De ce m be r 29,
2008 2007 2008 2007
Sales $ 3,270,597 $ 3,866,927 $ 14,495,544 $ 15,527,537
Cost of goods sold and occupancy costs 2,441,475 2,844,391 10,489,785 11,024,639
Gross profit 829,122 1,022,536 4,005,759 4,502,898
Store and warehouse operating and selling expenses 819,832 851,985 3,322,662 3,381,129
Goodwill and trade name impairments 1,269,893 — 1,269,893 —
Other asset impairments 202,520 — 222,379 —
General and administrative expenses 193,038 183,546 743,174 645,661
Amortization of deferred gain on building sale (1,689) (1,874) (7,308) (7,493)
Operating profit (loss) (1,654,472) (11,121) (1,545,041) 483,601
Other income (expense):

Interest income 1,596 3,228 10,013 9,440
Interest expense (22,655) (13,093) (68,286) (63,080)
Miscellaneous income, net 7,214 3,739 25,731 28,672
Earnings (loss) before income taxes (1,668,317) (17,247) (1,577,583) 458,633
Income tax expense (benefit) (129,306) (36,021) (98,645) 63,018
Net earnings (loss) $ (1,539,011) $ 18,774 $ (1,478,938) $ 395,615
Earnings (loss) per common share:

Basic $ (5.64) $ 0.07 $ (5.42) $ 1.45
Diluted (5.64) 0.07 (5.42) 1.43
Weighted average number of common shares outstanding:

Basic 272,924 272,204 272,776 272,899
Diluted 272,924 273,309 272,776 275,940
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OFFICE DEPOT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
52 W e e k s En de d
De ce m be r 27, De ce m be r 29,
2008 2007
Cash flow from operating activities:
Net earnings (loss) $ (1,478,938) $ 395,615
Adjustments to reconcile net earnings (loss) to net cash
provided by operating activities:
Depreciation and amortization 254,099 281,383
Charges for losses on inventories and receivables 140,058 109,798
Net earnings from equity method investments (37,113) (34,825)
Goodwill and trade name impairments 1,269,893 —
Other asset impairments 222,379 —
Compensation expense for share-based payments 39,561 37,738
Deferred income tax provision (108,099) (1,022)
Gain on disposition of assets (13,443) (25,190)
Other operating activities (7,612) 2,927
Changes in assets and liabilities:
Decrease in receivables 133,162 25,909
Decrease (increase) in inventories 249,849 (191,685)
Net increase in prepaid expenses and other assets (16,986) (12,342)
Net decrease in accounts payable, accrued expenses and other long-term liabilities (178,554) (176,921)
Total adjustments 1,947,194 15,770
Net cash provided by operating activities 468,256 411,385
Cash flows from investing activities:

Acquisitions, net of cash acquired, and related payments (102,752) (48,036)
Capital expenditures (330,075) (460,571)
Purchase of assets held for sale and sold (38,537) —
Proceeds from disposition of assets and other 120,632 129,182
Dividends received — 25,000
Restricted cash for pending transaction (6,037) (18,100)
Release of restricted cash 18,100 —
Net cash used in investing activities (338,669) (372,525)
Cash flows from financing activities:

Net proceeds from exercise of stock options and sale of stock
under employee stock purchase plans 503 29,332
Tax benefit from employee share-based exercises 89 18,266
Acquisition of treasury stock under approved repurchase plans — (199,592)
Treasury stock additions from employee related plans (944) (11,201)
Debt issuance costs (40,793) —
Proceeds from issuance of borrowings 139,098 177,413
Payments on long- and short-term borrowings (284,204) (6,292)
Net cash provided by (used in) financing activities (186,251) 7,926
Effect of exchange rate changes on cash and cash equivalents (10,545) 2,616
Net increase (decrease) in cash and cash equivalents (67,209) 49,402

Cash and cash equivalents at beginning of period 222,954 173,552
Cash and cash equivalents at end of period $ 155,745 $ 222,954
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OFFICE DEPOT, INC.

GAAP to Non-GAAP Reconciliations
A reconciliation of GAAP financial measures to non-GAAP financial measures and the limitations on their use may be accessed on the
corporate website, www.officedepot.com, under the category Company Info. Certain portions of those reconciliations are provided in the
following tables. ($ in millions, except per share amounts)
Q4 2008 GAAP % of Sale s C h arge s Non -GAAP % of Sale s

Gross Profit $ 829.1 25.4% $ 15.8 $ 844.9 25.9%
Operating Expenses $ 2,483.6 76.0% $(1,421.3) $ 1,062.3 32.5%
Operating Loss $ (1,654.5) (50.6)% $ 1,437.1 $ (217.4) (6.6)%
Net Loss $ (1,539.0) (47.1)% $ 1,340.1 $ (198.9) (6.1)%
Diluted Loss Per Share $ (5.64) $ 4.91 $ (0.73)
Q4 2007 GAAP % of Sale s C h arge s Non -GAAP % of Sale s

Gross Profit $1,022.5 26.4% $ 0.1 $ 1,022.6 26.4%
Operating Expenses $1,033.6 26.7% $ (13.6) $ 1,020.0 26.3%
Operating Profit (Loss) $ (11.1) -0.3% $ 13.7 $ 2.6 0.1%
Net Earnings $ 18.8 0.5% $ 7.8 $ 26.6 0.7%
Diluted Earnings Per Share $ 0.07 $ 0.03 $ 0.10
YTD 2008 GAAP % of Sale s C h arge s Non -GAAP % of Sale s

Gross Profit $ 4,005.7 27.6% $ 15.9 $ 4,021.6 27.7%
Operating Expenses $ 5,550.7 38.3% $(1,452.8) $ 4,097.9 28.2%
Operating Loss $ (1,545.0) (10.7)% $ 1,468.7 $ (76.3) (0.5)%
Net Loss $ (1,478.9) (10.2)% $ 1,366.2 $ (112.7) (0.8)%
Diluted Loss Per Share $ (5.42) $ 5.01 $ (0.41)
YTD 2007 GAAP % of Sale s C h arge s Non -GAAP % of Sale s

Gross Profit $4,502.9 29.0% $ 0.3 $ 4,503.2 29.0%
Operating Expenses $4,019.3 25.9% $ (38.2) $ 3,981.1 25.6%
Operating Profit $ 483.6 3.1% $ 38.5 $ 522.1 3.4%
Net Earnings $ 395.6 2.5% $ 28.2 $ 423.8 2.7%
Diluted Earnings Per Share $ 1.43 $ 0.11 $ 1.54
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OFFICE DEPOT, INC.

GAAP to Non-GAAP Reconciliations (Continued)
Q 4 2008* Q 4 2007
Cash Flow Summary
Net cash provided by (used in) operating activities $ 30.5 $ (43.4)
Net cash provided by (used in) investing activities (22.7) (98.4)
Net cash provided by (used in) financing activities (242.8) 179.7
Effect of exchange rate changes on cash and cash equivalents (3.8) (2.0)
Net increase (decrease) in cash and cash equivalents $ (238.8) $ 35.9
Free Cash Flow

Net cash provided by (used in) operating activities $ 30.5 $ (43.4)
Less: Capital expenditures 52.3 126.6
Free Cash Flow $ (21.8) $ (170.0)
Cash Flow Before Financing Activities

Less: Net cash provided by (used in) financing activities (242.8) 179.7
Cash Flow Before Financing Activities $ 4.0 $ (143.8)
FY 2008 FY 2007
Cash Flow Summary
Net cash provided by (used in) operating activities $ 468.3 $ 411.4
Net cash provided by (used in) investing activities (338.7) (372.5)
Net cash provided by (used in) financing activities (186.3) 7.9
Effect of exchange rate changes on cash and cash equivalents (10.5) 2.6
Free Cash Flow

Net cash provided by (used in) operating activities $ 468.3 $ 411.4
Less: Capital expenditures 330.1 460.6
Free Cash Flow $ 138.2 $ (49.2)
Cash Flow Before Financing Activities

Less: Net cash provided by (used in) financing activities (186.3) 7.9
Cash Flow Before Financing Activities $ 119.1 $ 41.5
Free cash flow is calculated as net cash provided by (used in) operating activities less capital expenditures.
Cash flow before financing activities is calculated as the net increase (decrease) in cash and cash equivalents less net cash provided by (used
in) financing activities.
*Quarterly amounts have been conformed to full year presentation.
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Office Depot, Inc.

DIVISION INFORMATION
(Unaudited)
North American Retail Division
Fourth Q u arte r Ye ar-to-Date

(Dollars in m illions) 2008 2007 2008 2007
Sales $1,387.3 $1,667.7 $6,112.3 $6,813.6
% change (17)% (3)% (10)% —%
Division operating profit (loss) $(119.3) $ 23.5 $ (29.2) $ 354.5

% of sales (8.6)% 1.4% (0.5)% 5.2%
North American Business Solutions Division

Sales $ 919.8 $1,064.7 $4,142.1 $4,518.4
% change (14)% (4)% (8)% (1)%
Division operating profit (loss) $ (28.2) $ 0.8 $ 119.8 $ 220.1

% of sales (3.1)% 0.1% 2.9% 4.9%
International Division

Sales $ 963.5 $1,134.6 $4,241.1 $4,195.6
% change (15)% 12% 1% 15%
% change in local currency sales (4)% 2% (2)% 6%
Division operating profit $ 10.0 $ 59.6 $ 157.2 $ 231.1

% of sales 1.0% 5.3% 3.7% 5.5%
Division operating profit excludes Charges from the Division performance, as those Charges are evaluated at a corporate level.
Office Depot, Inc.

SELECTED FINANCIAL AND OPERATING DATA
(Unaudited)
Other Selected Financial Information

(In thousands, except operational data)
De ce m be r 27, 2008 De ce m be r 29, 2007
Cumulative share repurchases under approved repurchase plans ($): $ — $ 199,592
Cumulative share repurchases under approved repurchase plans (shares): — 5,702
Shares outstanding, end of quarter 274,862 272,958
Amount authorized for future share repurchases, end of quarter ($): $ 500,000
Selected Operating Highlights
De ce m be r 27, 2008 De ce m be r 29, 2007 De ce m be r 27, 2008 De ce m be r 29, 2007
Store Statistics
United States and Canada:

Store count:
Stores opened 2 12 59 71
Stores closed 10 2 14 7
Stores relocated 1 2 7 3
Total U.S. and Canada stores 1,267 1,222 1,267 1,222
North American Retail Division square footage: 30,672,862 29,790,082

Average square footage per NAR store 24,209 24,378
Inventory per store (end of period) $ 689,000 $ 960,000
International Division company-owned:
Store count:
Stores opened — 5 2 26
Stores closed — 1 1 3
Stores acquired — — 13 —
Total International company-owned stores 162 148 162 148
Exhibit 99.1.2
I nves t or Pr e s e nt a t i on Fe br ua r y 2009
S a f e Ha r b o r S t a t e m e n t T h e P r i v a t e S e c u r i t i e s L i t i g a t i o n Re f o r m Ac t o f 1 9 9 5 ( t h e " Ac t " ) p r o v i d e s p r o t e c t i o n f r o m l i a b i l i t y i n p r i v a t e l a ws u i t s f o r " f o r wa r d - l o o k i n g " s t a t e m e n t s m a d e b y p u b l i c c o m p a n i e s u n d e r c e r t a i n c i r c u m s t a n c e s , p r o v i d e d t h a t t h e p u b l i c c o m p a n y d i s c l o s e s wi t h s p e c i f i c i t y t h e r i s k f act or s t hat m ay i m pact i t s f ut ur e r e s u l t s . W e wa n t t o t ake advant age of t he " s af e har bor " pr ovi s i ons of t h e Ac t . Ce r t a i n s t a t e m e n t s m a d e d u r i n g t h i s p r e s e n t a t i o n a r e f' o r wa r d - l o o k i n g ' s t a t e m e n t s u n d e r t h e Ac t . E x c e p t f o r hi s t or i cal f i n a n c i a l a n d b u s i n e s s p e r f o r m a n c e i n f o r m a t i o n , s t a t e m e n t s m a d e d u r i n g t h i s p r e s e n t a t i o n s h o u l d b e c o n s i d e r e d f' o r wa r d - l o o k i n g ' a s
r e f e r r e d t o i n t h e Ac t . M u c h o f t h e i n f o r m a t i o n t h a t l o o k s t o wa r d s f u t u r e p e r f o r m a n c e o f o u r c o m p a n y i s b a s e d o n v a r i o u s f a c t o r s a n d i m p o r t a n t a s s u m p t i o n s a b o u t f u t u r e e v e n t s t h a t m a y o r m a y n o t a c t u a l l y c o m e t r u e . As a r e s u l t , o u r o p e r a t i o n s a n d f i n a n c i a l r e s u l t s i n t h e f u t u r e c o u l d d i f f e r m at er i al l y and s ubs t ant i al l y f r om t hos e we h a v e d i s c u s s e d i n t h e f o r wa r d - l o o k i n g s t a t e m e n t s m a d e d u r i n g t h i s p r e s e n t a t i o n . Ce r t a i n r i s k s a n d u n c e r t a i n t i e s a r e d e t a i l e d f r o m t i m e t o t i m e i n o u r f i l i n g s wi t h t h e Un i t e d S t a t e s Se c ur i t i e s a n d E x c h a n g e Co m m i s s i o n ( " S E C" ) . Yo u a r e s t r o n g l y u r g e d t o r e v i e w a l l s u c h f i l i n g s f o r a m o r e d e t a i l e d d i s c u s s i o n o f s u c h r i s k s
a n d u n c e r t a i n t i e s . Du r i n g p o r t i o n s o f t o d a y s' p r e s e n t a t i o n , we m a y r e f e r t o r e s u l t s wh i c h a r e n o t GAAP n u m b e r s . A r e c o n c i l i a t i o n o f n o n - GAAP n u m b e r s t o GAAP r e s u l t s i s a v a i l a b l e o n o u r we b s i t e a t www. i n v e s t o r . o f f i c e d e p o t . c o m .
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U. S . Of f i c e P r o d u c t s I n d u s t r y S o u r c e : S c h o o l a n d Of f i c e P r o d u c t s Ne t wo r k - S t a t e o f t h e I n d u s t r y Re p o r t 2 0 0 8 / Of f i c e De p o t E s t i m a t e s No t e : F i g u r e s m a y n o t a d d t o 1 0 0 % d u e t o r o u n d i n g Re t a i l S p e c i a l t y Re t a i l e r s 0. 2 Of f i c e Supe r s t or e s 0. 1 M ass Re t a i l e r s 0. 18 F o o d / Dr u g St or e s 0. 02 Co l l e g e / Bo o k s t o r e s 0. 04 Co p y / P r i n t i n g Se r vi c e s 0. 03 S t a t i o n e r y / Gi f t St or e s 0. 01 I ns t i t ut i ona l / Sc hool Fi r m s 0. 02 I n t e r n e t / Di r e c t Sa l e s 0. 03 I ndependent De a l e r s 0. 06 Co n t r a c t Spe c i a l i s t s 0. 21 Co n t r a c t St a t i one r s 0. 01 Ot h e r 0. 09 O. S . S . I ndependent De a l e r s Spe c i a l t y St or e s F o o d / Dr u g St or e s Ot h e r Co n t r a c t St a t i one r s M ass Re t a i l e r s ODP 3 . 4 % S P LS 4 . 3 % OM X 2 . 3 % 2007 OS S M a r k e t Sha r e
Co n t r a c t S p e c i a l i s t s Co l l e g e / Bo o k s t o r e s Co p y / P r i n t i n g S e r v i c e s I n t e r n e t / Di r e c t S a l e s OS S c o m p r i s e a s m a l l p o r t i o n o f t h e o v e r a l l U. S . o f f i c e s u p p l y i n d u s t r y S t a t i o n e r y / Gi f t St or e s I ns t i t ut i ona l / Sc hool Fi r m s
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Of f i c e De p o t i s a l e a di ng gl oba l pr ovi de r of of f i c e pr oduc t s a nd s e r vi c e s 2008 s a l e s of $14. 5 bi l l i on Suppl i e s : 61% of s a l e s Te c h n o l o g y : 2 5 % o f s a l e s F u r n i t u r e a n d Ot h e r : 1 4 % o f S a l e s M u l t i - c h a n n e l - s t o r e s , c a t a l o g , I n t e r n e t a nd c ont r a c t s e r ve bus i ne s s c us t om e r s of a ny s i z e , f r om s m a l l hom e of f i c e t o For t une 500 a c c ount s 5 8 % o f 2 0 0 8 s a l e s we r e n o t i n No r t h Am e r i c a n Re t a i l On e o f t h e wo r l d 's l a r g e s t e- com m er ce r et ai l er s - $4. 8 bi l l i on i n sal es i n 2008 Of f i c e De p o t - Bu s i n e s s Ov e r v i e w Ar t i s t r e e N. A. Bu s i n e s s Sol ut i ons ( 29% of 2008 Sa l e s ) Ar t i s t r e e I nt er nat i onal ( 29% of 2008 Sa l e s ) Ar t i s t r e e No r t h Am e r i c a n Re t a i l ( 42% of 2008 Sa l e s ) Ov e r 1, 200 s t or es i n
U. S . a n d Ca n a d a L a r g e s t c o n c e n t r a t i o n o f s t o r e s i n Ca l i f o r n i a , F l o r i d a a n d T e x a s Ca t a l o g , c o n t r a c t a n d e - c o m m e r c e De d i c a t e d s al es f or ce wo r k s wi t h m e d i u m s i z e d t o F o r t u n e 1 0 0 c u s t o m e r s Or d e r s s e r v i c e d t h r o u g h 2 0 d i s t r i b u t i o n c e n t e r s Ca t a l o g , c o n t r a c t , e - c o m m e r c e a n d r e t a i l S e l l s t o c u s t o m e r d i r e c t l y a n d t h r o u g h a f f i l i a t e s i n 45 count r i es out s i de o f No r t h Am e r i c a 3 5 + we b s i t e s a n d o v e r 4 0 0 s t o r e s
Of f i c e De p o t T i m e l i n e 1 9 8 5 1 9 8 7 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2 0 0 9 En t e r e d t h e c o n t r a c t s t a t i o n e r b u s i n e s s v i a t he acqui s i t i on of t wo i n d u s t r y l e a d e r s : W i l s o n S t a t i o n e r y & P r i n t i n g Co m p a n y a n d E a s t m a n Of f i c e P r o d u c t s Co r p o r a t i o n F o u n d e d i n F l o r i d a wi t h t h e f i r s t s t o r e o p e n i n g i n F o r t La u d e r d a l e , F L Li s t e d o n t h e NAS DAQ u n d e r t h e s y m b o l " ODE P " L i s t e d o n t h e NYS E u n d e r t h e s y m b o l " ODP " Ac q u i r e d T h e Gr e a t Ca n a d i a n Of f i c e S u p p l i e s wa r e h o u s e c h a i n Ac q u i r e d s i x a d d i t i o n a l c o n t r a c t s t a t i o n e r s i n No r t h Am e r i c a Op e n e d l i c e n s e d Of f i c e De p o t s t o r e s i n Co l o m b i a and I s r ael . An n o u n c e d r e t a i l j o i n t v e n t u r e a g r e e m e n t i n M exi co and l i cens i ng agr eem ent
i n P o l a n d S t a p l e s / Of f i c e De p o t m e r g e r b l o c k e d b y F T C M e r g e d wi t h Vi k i n g Of f i c e Pr oduc t s , t he l e a di ng di r e c t m a r ke t e r of of f i c e p r o d u c t s i n Eu r o p e and Au s t r a l i a Of f i c e De p o t a d d e d t o S & P 5 0 0 Ac q u i r e d Gu i l b e r t S . A. , a l e a d i n g E u r o p e a n c o n t r a c t s t a t i o n e r , d o u b l i n g t h e s i z e o f t h e Co m p a n y 's E u r o p e a n b u s i n e s s Ac q u i r e d Al l i e d Of f i c e P r o d u c t s , Be s t Of f i c e Co . , L t d . , P a p i r i u s , a n d As i a E C Ac q u i r e d Ax i d a t a , a Ca n a d a - b a s e d o f f i c e p r o d u c t s d e l i v e r y c o m p a n y Co m p l e t e d m e r g e r wi t h Of f i c e Cl u b I n c . Ac q u i r e d e Of f i c e P l a n e t I n d i a i n j o i n t v e n t u r e wi t h Re l i a n c e Re t a i l Ac q u i r e d c o n t r o l l i n g i nt er es t i n AGE Ko n t o r & Da t a AB i n S we d e n
I s s ues Fa c i ng Th e Co m p a n y En t e r i n g 2005 Func t i ona l l y- a l i gne d or gani zat i on wi t h no di vi s i onal l eader s hi p No n - i n t e g r a t e d acqui s i t i ons Du p l i c a t e over head Co s t and com pl exi t y of m ul t i pl e s ys t em s I nf or m at i on t echnol ogy s ys t em s i m pedi ng g r o wt h Du p l i c a t e s uppl y chai n Op e r a t i n g m ar gi n gap ver s us l ar ges t com pet i t or and no pl an t o cl os e gap De c l i n i n g m ar ket s har e I ncons i s t ency i n s hoppi ng exper i ence and s er vi ce, and l ack of di f f er ent i at i on Ag i n g s t or e por t f ol i o wi t h no pr oven new s t or e f or m at 700 di f f er ent s t or e set s and at l east f i ve di f f er ent r et ai l f or m at s
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2 0 0 4 2 0 0 5 2 0 0 6 F i r s t Ha l f 2007 Sa l e s $ 13, 565 $ 14, 279 $ 15, 011 $ 7 , 7 2 5 E BI T 1 $ 5 7 6 $ 6 5 4 $ 8 0 2 $ 4 1 6 E P S 1 $ 1 . 1 8 $ 1 . 4 1 $ 1 . 9 0 $ 1 . 0 0 E BI T M a r g i n 1 4 . 2 % 4 . 6 % 5 . 3 % 5 . 4 % E P S Gr o wt h 1 1 9 . 2 % 1 9 . 5 % 3 4 . 8 % 8 . 7 % P o s i t i v e I m p a c t F r o m Tu r n a r o u n d ( Do l l a r s i n m i l l i ons , except per s har e dat a) St oc k Pe r f or m a nc e J anuar y 2004 - J une 2007 $16. 71 $30. 30 +8 1 % Co m p a n y announces St e ve Od l a n d hi r ed as n e w CE O 1 No n - GAAP n u m b e r s . A r econci l i at i on of GAAP t o n o n - GAAP n u m b e r s can be f ound on t he Of f i c e De p o t we b si t e at www. o f f i c e d e p o t . c o m Ni n e s t r ong cons ecut i ve quar t er s under new M anagem ent t eam , wi t h i m pr ovi ng per f or m ance and i ncr eas ed s har ehol der val ue, i ncl udi ng
r ecor d s al es and ear ni ngs i n Q1 2 0 0 7 Ap p r o x i m a t e l y $ 2 b i l l i o n o f capi t al r et ur ned t o s t ockhol der s t hr ough s har e r epur chas es f r om 2005 t hr ough 2007 ( r epr es ent ed appr oxi m at el y 20% of out s t andi ng s har es , 140% of adj us t ed af t er - t ax ear ni ngs and 106% of o p e r a t i n g c a s h f l o w)
2 0 0 7 2 0 0 7 2 0 0 7 F i r s t Ha l f S e c o n d Ha l f F u l l Ye a r S a l e s $ 7 , 7 2 5 $ 7 , 8 0 2 $ 1 5 , 5 2 8 E BI T 1 $ 4 1 6 $ 1 3 5 $ 5 5 1 EP S 1 $ 1 . 0 0 $ 0 . 5 3 $ 1 . 5 4 E BI T M a r g i n 1 5 . 4 % 1 . 7 % 3 . 5 % E P S Gr o wt h 1 8 . 7 % ( 4 5 . 9 % ) ( 1 8 . 9 % ) M a c r o e c o n o m i c An d Bu s i n e s s Co n d i t i o n s S h i f t ( Do l l a r s i n m i l l i o n s , e x c e p t p e r s h a r e d a t a ) S t o c k P e r f o r m a n c e J u l y 2007 - De c e m b e r 2 0 0 7 $ 3 0 . 3 0 $13. 91 ( 54% ) W eakeni ng hous i ng- r el at ed econom i c condi t i ons and a heavy sal es concent r at i on i n Fl or i da and Ca l i f o r n i a ( appr oxi m at el y 30% of No r t h Am e r i c a n sal es i n 2007) negat i vel y i m pact ed r es ul t s i n t he s econd hal f of 2007 He a v i e r m i x of bot h l o we r m ar gi n t echnol ogy pr oduct sal es i n No r t h Am e r i c a n Re t a i l and l o we r m ar gi n
c u s t o m e r s i n No r t h Am e r i c a n Bu s i n e s s S o l u t i o n s c o n t r i b u t e d t o m a r g i n d e c l i n e s De c l i n i n g v e n d o r pr ogr am s u p p o r t d u e t o i n d u s t r y s l o wd o wn a l s o i m p a c t e d m a r g i n s W e a k e r U. K. p e r f o r m a n c e n e g a t i v e l y a f f e c t e d I n t e r n a t i o n a l r e s u l t s 1 No n - GAAP n u m b e r s . A r e c o n c i l i a t i o n o f GAAP t o n o n - GAAP n u m b e r s c a n b e f o u n d on t he Of f i c e De p o t we b s i t e a t www. o f f i c e d e p o t . c o m
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No r t h Am e r i c a n Bu s i n e s s Sol ut i ons Co n t i n u e t o aggr es s i vel y pur s ue sm al l - t o m edi um - s i zed bus i nes s ( S M B) Pr ovi di ng t he r i ght t ool s t o sal es f or ce I m pr ovi ng t he t el ephone account m anagem ent ( T AM ) pr ogr am Ke y per f or m ance i ndi cat or s m aki ng a di f f er ence Ne w c a t a l o g / di r ect m ar ket i ng t eam r ef i ni ng cat al og ci r cul at i on Go a l i s t o i ncr eas e t he cus t om er f i l e Re v i s i n g pr i ci ng and pr om ot i onal s t r at egy M aki ng cus t om er - f ocus ed enhancem ent s t o we b s i t e Re o r g a n i z e d Co n t r a c t sal es f or ce Al i g n i n g wi t h t he cur r ent econom i c envi r onm ent N. A. Bu s i n e s s Sol ut i ons - Ta k i n g Ca r e of Bu s i n e s s Up d a t e
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Ce n t r a l i z a t i o n Fi na nc i a l Ba c k Of f i c e Ca l l Ce n t e r No r t h Am e r i c a - Ut i l i z e t hi r d par t i es f or a num ber of f i nanci al f unct i ons Som e i n No r t h Am e r i c a , s om e of f s hor e As s i g n cr edi t Co l l e c t i o n s and cash appl i cat i on I n t e r n a t i o n a l - Co m p l e t e d t r ans i t i on of f i nanci al f unct i ons t o Ea s t e r n Eu r o p e Cr e d i t , col l ect i ons , cash appl i cat i ons No r t h Am e r i c a - Gl o b a l Ac c o u n t s , Ex e c u t i v e Cu s t o m e r Se r vi c e , E - Co m m e r c e handl ed i n 2 cent er s i n U. S . Ba l a n c e of i nbound cal l s near s hor e and of f s hor e I nt er nat i onal - I n t he pr oces s of cons ol i dat i ng E . U. cal l cent er s
Gl o b a l S u p p l y Ch a i n I n i t i a t i v e No r t h Am e r i c a T wo s e p a r a t e NA S u p p l y Ch a i n s 12 cr os s docks ( NA Re t a i l ) 20 di s t r i but i on cent er s ( NA Bu s i n e s s Sol ut i ons ) En v i r o n m e n t I ni t i at i ve I nt er nat i onal Co n v e r t t o 12 com bi nat i on f aci l i t i es wi t h about 7M s quar e f eet as l eases expi r e Ca p a c i t y f or appr oxi m at el y 9M s quar e f eet Ea c h f aci l i t y wi l l have pi ck/ pack and f l ow t hr ough capabi l i t y t o opt i m i ze s er vi ce f or Re t a i l and Bu s i n e s s Sol ut i ons I m pr ove gl obal s uppl y chai n expens e as a per cent of sal es by 50 bas i s poi nt s Gl o b a l Be n e f i t s En v i r o n m e n t I ni t i at i ve Re d u c e s uppl y chai n n e t wo r k t o 15 f aci l i t i es i n Eu r o p e Co n s o l i d a t e t o one wa r e h o u s e m anagem ent s ys t em Suppl y chai n n e t wo r k
of 23 f aci l i t i es i n E u r o p e 7 wa r e h o u s e m a n a g e m e n t s y s t e m s
Gl o b a l I n f o r m a t i o n T e c h n o l o g y I n i t i a t i v e E n v i r o n m e n t I n i t i a t i v e Be n e f i t s Co s t l y a n d c o m p l e x : Hi s t o r i c a l " h o m e g r o wn " l e g a c y s y s t e m s Ac q u i r e d s y s t e m s t h r o u g h p a s t m a j o r a c q u i s i t i o n s M u l t i p l e c h a n n e l s No s i ngl e gl obal i nt egr at ed s ys t em - an expens i ve envi r onm ent t o oper at e M i ni m al pr oces s def i ni t i on and s ophi s t i cat i on Si m pl i f y, cons ol i dat e, gl obal i ze and s t andar di ze pr oces s es and pr act i ces , and s uppor t t hem wi t h com m on appl i cat i ons and pl at f or m s I ns t al l Or a c l e E RP s y s t e m t o r epl ace m any s epar at e pl at f or m s ut i l i zed t o r un t he ent i r e cor por at i on Na r r o w t h e Co m p a n y 's m any di f f er ent wa r e h o u s e m anagem ent s ys t em s t o one ( M anhat t an As s o c i a t e s ) Re d u c e
I T cos t s as a per cent of s al es f r o m c u r r e n t l e v e l o f 1 . 7 % a n d , c o u p l e d wi t h o t h e r b e n e f i t s , r e d u c e c o s t s b y 4 0 b p s + En a b l e f a s t e r a n d e a s i e r i n t e g r a t i o n of f ut ur e bus i ne s s e xpa ns i ons a nd a c qui s i t i ons Pr ovi de a c ons i s t e nt c us t om e r e xpe r i e nc e a c r os s t he gl obe Pr ovi de be t t e r bus i ne s s da t a , i nf or m a t i on a nd t ool s
Ful l Ye a r 2008 Re s u l t s
Ful l Ye a r 2008 Sum m a r y To t a l com pany sal es decr eas ed 7% t o $14. 5 bi l l i on ver s us 2007 GAAP l o s s of $1. 48 bi l l i on or $5. 42 per s har e on a di l ut ed bas i s ver s us ear ni ngs of $396 m i l l i on or $1. 43 per s har e on a di l ut ed bas i s i n 2007 Ad j u s t e d f or Ch a r g e s ( 1 ) , l os s of $113 m i l l i on or $0. 41 per s har e on a di l ut ed bas i s ver s us ear ni ngs of $424 m i l l i on or $1. 54 per s har e on a di l ut ed bas i s i n 2007 E BI T ( 1 ) l os s of $51 m i l l i on and E BI T m a r g i n of - 0. 3% 1 No n - GAAP n u m b e r s . A r econci l i at i on of GAAP t o n o n - GAAP n u m b e r s can be f ound on t he Of f i c e De p o t we b si t e at www. o f f i c e d e p o t . c o m .
i n m i l l i ons , except r at i os , r et ur ns and per s har e dat a FY 2008 FY 2008 FY 2007 FY 2007 Am o u n t % Sa l e s Am o u n t % Sa l e s Sa l e s $ 14, 496 - - $15, 528 - - E BI T ( 1 ) $ ( 51) - 0. 3% $ 551 3. 5% Ne t Ea r n i n g s ( Lo s s ) ( 1 ) $ ( 113) - 0. 8% $ 424 2. 7% Ne t Ea r n i n g s ( Lo s s ) - GAAP $ ( 1 , 4 7 9 ) - 10. 2% $ 396 2. 5% Di l u t e d Sha r e s 272. 8 - - 275. 9 - - EP S - GAAP $ ( 5. 42) - - $ 1. 43 - - EP S ( 1 ) $ ( 0. 41) - - $ 1. 54 - - 1 No n - GAAP n u m b e r s . A r econci l i at i on of GAAP t o n o n - GAAP n u m b e r s can be f ound on t he Of f i c e De p o t we b si t e at www. o f f i c e d e p o t . c o m . 2008 Fi na nc i a l Sum m a r y
Four t h Qu a r t e r 2008 Re s u l t s
F o u r t h Qu a r t e r 2 0 0 8 S u m m a r y Re s u l t s c o n t i n u e d t o b e n e g a t i v e l y i m p a c t e d b y t h e e c o n o m y a n d t h e g l o b a l l i q u i d i t y c r i s i s T o t a l Co m p a n y s a l e s o f $3. 3 bi l l i on, a decl i ne of a p p r o x i m a t e l y 1 5 % v e r s u s f o u r t h q u a r t e r o f 2 0 0 7 GAAP l o s s o f $ 1 . 5 4 b i l l i o n o r $ 5 . 6 4 p e r s h a r e o n a d i l u t e d b a s i s Ad j u s t e d f o r Ch a r g e s ( 1 ) , l o s s o f $199 m i l l i on or $0. 73 per s har e on a di l ut ed bas i s . Ch a r g e s i ncl ude: Go o d wi l l and t r ade nam e i m pai r m ent non- cas h char ges of $1. 27 bi l l i on or $4. 54 per s har e; and St r a t e gi c bus i nes s r evi ew pr e- t ax char ges of $167 m i l l i on or $0. 37 per s har e Ot h e r pr e- t ax char ges r el at ed t o bus i nes s d o wn t u r n t ot al ed $125 m i l l i on i n t he f our t h quar t er Co m p a n y had
Ca s h F l o w Be f o r e F i n a n c i n g Ac t i v i t i e s ( 1 ) ( 2 ) o f $ 4 m i l l i o n i n t h e f o u r t h q u a r t e r 1 No n - GAAP n u m b e r s . A r e c o n c i l i a t i o n o f GAAP t o n o n - GAAP n u m b e r s can be f ound on t h e Of f i c e De p o t we b s i t e www. o f f i c e d e p o t . c o m . 2 Ca s h F l o w Be f o r e F i n a n c i n g Ac t i v i t i e s e q u a l s t o t a l c h a n g e i n cas h l es s cas h f l ow f r om f i nanci ng act i vi t i es .
1 No n - GAAP n u m b e r s . A r e c o n c i l i a t i o n o f GAAP t o n o n - GAAP n u m b e r s c a n b e f o u n d on t he Of f i c e De p o t we b si t e at www. o f f i c e d e p o t . c o m . Co n s o l i d a t e d Fi na nc i a l s - Four t h Qu a r t e r 2008 i n m i l l i ons , except r at i os , r et ur ns and per s har e dat a Q4 2008 Q4 2008 Q4 2008 Q4 2008 Q4 2007 Q4 2007 Q4 2007 Q4 2007 Am o u n t % Sa l e s Am o u n t Am o u n t % Sa l e s Sa l e s $ 3, 271 $ 3, 271 - - $ 3, 867 $ 3, 867 - - Op e r a t i n g Ex p e n s e s ( 1 ) $ 1, 062 $ 1, 062 32. 5% $ 1, 020 $ 1, 020 26. 3% E BI T ( 1 ) $ ( 210) $ ( 210) - 6. 4% $ 6 $ 6 0. 2% Ne t Ea r n i n g s ( Lo s s ) ( 1 ) $ ( 199) $ ( 199) - 6. 1% $ 27 $ 27 0. 7% Ne t Ea r n i n g s ( Lo s s ) - GAAP $ ( 1, 539) $ ( 1, 539) - 47. 1% $ 19 $ 19 0. 5% Di l u t e d Sha r e s 272. 9 272. 9 - - 273. 3 273. 3 - -
E P S - GAAP $ ( 5 . 6 4 ) $ ( 5 . 6 4 ) - - $ 0 . 0 7 $ 0 . 0 7 - - EP S ( 1 ) $ ( 0 . 7 3 ) $ ( 0 . 7 3 ) - - $ 0. 10 $ 0. 10 - -
No r t h Am e r i c a n Re t a i l - Re s u l t s i n m i l l i ons , except r at i os and st at i st i cs Q4 2008 Q4 2007 Sa l e s $ 1, 387 $ 1, 668 Co m p a r a b l e Sa l e s - 18% - 7% Di v i s i o n Op e r a t i n g Pr of i t ( Lo s s ) $ ( 119) $ 23 Di v i s i o n Op e r a t i n g M ar gi n - 8. 6% 1. 4%

No r t h Am e r i c a n Re t a i l - Re s u l t s & Va r i a n c e An a l y s i s S a l e s d o wn 1 7 % ; c o m p a r a b l e s t o r e s a l e s 1 8 % l o we r i n t h e f o u r t h q u a r t e r o f 2 0 0 8 AOV l o we r a s cus t om er s r educed s pendi ng on di s cr et i onar y i t em s Op e r a t i n g l os s of $119 m i l l i on ver s us $23 m i l l i on pr of i t one year ago i ncl udes : $78 m i l l i on non- cas h s t or e i m pai r m ent char ge, and $12 m i l l i on addi t i onal r es er ves f or pr evi ous s t or e cl os ur es and pr i vat e l abel cr edi t car d r ecei vabl es Ot h e r key com ponent s of t he oper at i ng pr of i t change i ncl ude: Hi g h e r pr oduct m ar gi ns t han year ago Fl ow t hr ough f r om sal es vol um e decl i ne I ncr eas ed pr oper t y cos t s Op e r a t i n g Pr of i t ( Lo s s ) ( i n m i l l i ons ) Q4 2007 $ 23 Pr oduc t m ar gi n
i m pr ove m e nt 25 St or e i m pai r m ent c ha r ge ( 78) Fl ow t hr ough f r om s a l e s vol um e de c l i ne ( 6 6 ) Ad d i t i o n a l r e s e r v e s ( 1 2 ) I n c r e a s e d p r o p e r t y c o s t s ( 1 1 ) Q4 2 0 0 8 $ ( 1 1 9 )
No r t h Am e r i c a n Bu s i n e s s Sol ut i ons - Re s u l t s i n m i l l i ons , except r at i os and st at i st i cs Q4 2008 Q4 2007 Sa l e s $ 920 $ 1, 065 Di v i s i o n Op e r a t i n g Pr of i t ( Lo s s ) $ ( 28) $ 1 Di v i s i o n Op e r a t i n g M ar gi n - 3. 1% 0. 1%
N. A. Bu s i n e s s S o l u t i o n s - Re s u l t s & Va r i a n c e An a l y s i s S a l e s d o wn 14% i n t he f our t h quar t er of 2008 Se ve r e s pendi ng cut s by our cus t om er s Fur t he r det er i or at i on i n sal es t o sm al l - t o m edi um - s i zed cus t om er s Sa l e s decl i ne i n l ar ge, nat i onal account cus t om er s Op e r a t i n g l os s of $28 m i l l i on ver s us ear ni ngs of $1 m i l l i on one year ago Fa c t or s dr i vi ng t he oper at i ng pr of i t change i ncl uded: Fl ow t hr ough f r om sal es vol um e decl i ne Ne g a t i v e i t em s, i ncl udi ng bad debt r es er ves W eaker sal es and pr oduct m i x, and i ncr eas ed pr om ot i ons Op e r a t i n g Pr of i t ( Lo s s ) ( i n m i l l i ons ) Q4 2007 $ 1 Fl ow t hr ough f r om sal es vol um e decl i ne ( 20) Ne g a t i v e i t em s, i ncl udi ng r es er ves ( 6)
W e a k e r m i x a n d i n c r e a s e d p r o m o t i o n s ( 3 ) Q4 2008 $ ( 28)
I nt er nat i onal - Re s u l t s I n m i l l i ons , except r at i os and st at i st i cs Q4 2008 Q4 2007 Sa l e s $ 963 $ 1, 135 Ch a n g e i n Lo c a l Cu r r e n c y Sa l e s - 4% 2% Di v i s i o n Op e r a t i n g Pr of i t $ 10 $ 60 Di v i s i o n Op e r a t i n g M ar gi n 1. 0% 5. 3%

I n t e r n a t i o n a l - Re s u l t s & Va r i a n c e An a l y s i s Op e r a t i n g Pr of i t ( i n m i l l i ons ) Q4 2007 $ 60 Fl ow t hr ough f r om sal es vol um e decl i ne ( 23) I nt angi bl e asset wr i t e of f s ( 11) Hi g h e r cos t s and i ncr eas ed com pet i t i on ( 10) For e i gn exchange i m pact ( 6) Q4 2008 $ 10 Sa l e s d o wn 15% i n t he f our t h quar t er of 2008 Lo c a l cur r ency sal es d o wn 4% U. K. and Eu r o Zo n e i n r eces s i on Op e r a t i n g pr of i t wa s $10 m i l l i on ver s us $60 m i l l i on one year ago Fa c t or s dr i vi ng t he oper at i ng pr of i t change i ncl uded: Fl ow t hr ough f r om sal es decl i ne I nt angi bl e asset wr i t e of f s i n Eu r o p e and As i a Hi g h e r cos t s and i ncr eas ed com pet i t i on I m pact of f or ei gn exchange r at es, not abl y Pound St e r l i ng and Eu r o
v e r s u s U. S . d o l l a r
Sum m a r y and Ou t l o o k Di s a p p o i n t e d wi t h f our t h quar t er r es ul t s but cash f l o w wa s pos i t i ve Gi v e n t he uncer t ai n envi r onm ent , l i qui di t y i s par am ount Ta k i n g cons er vat i ve appr oach t o our capi t al s t r uct ur e Ov e r $400 m i l l i on of l i qui di t y enhanci ng i ni t i at i ves pl anned i n 2009 As s e t - b a s e d l endi ng f aci l i t y avai l abl e i f econom i c cr i si s cont i nues i nt o 2010 Co m m i t t e d t o m anagi ng t he Co m p a n y t hr ough chal l engi ng t i m es Pr ovi di ng i nnovat i ve pr oduct s and s ol ut i ons t o our val ued cus t om er s M anagi ng our cos t s Co n t r o l l i n g our cash f l ow
Ch a r g e s 1Fut ur e am ount s m ay be i m pact ed by changes as pl ans ar e i m pl em ent ed and changes i n cur r ency exchange r at es. i n m i l l i ons Q4 Q4 Q4 FY FY FY Pr oj e c t e d1 2008 2007 2008 2007 FY 2009 Go o d wi l l & Tr a d e Na m e I m pai r m ent $ 1, 270 $ - $ 1, 270 $ - $ - N. A. Re t a i l & Suppl y Ch a i n I ni t i at i ves 101 - 101 - 100 Ot h e r I ni t i at i ve & He a d c o u n t Re d u c t i o n s 22 - 22 - 66 As s e t W r i t e Do wn s 42 - - 42 - - 2005 I ni t i at i ves 2 15 34 40 20 To t a l Ch a r g e s $ 1, 437 $ 15 $ 1, 469 $ 40 $ 186 Ca s h Fl ow I m pa c t Ca s h $ 36 $ 12 $ 59 $ 20 $ 178 No n - Ca s h $ 1, 401 $ 3 $ 1, 410 $ 20 $ 8
Ch a r g e s I m p a c t o n E a r n i n g s Sum m a r y No n - GAAP l o s s of $199 m i l l i on i ncl udes $125 m i l l i on of addi t i onal pr e- t ax non- cas h i t em s. i n m i l l i ons , except per s har e dat a Q4 2008 GAAP Ch a r g e s ( 1 ) No n - GAAP ( 2 ) Gr o s s Pr of i t $ 829 $ 16 $ 845 Op e r a t i n g Ex p e n s e s $ 2, 483 $ ( 1, 421) $ 1, 062 Op e r a t i n g Lo s s $ ( 1, 654) $ 1, 437 $ ( 217) E BI T ( 2 ) $ ( 1, 647) $ 1, 437 $ ( 210) Ne t Lo s s $ ( 1, 539) $ 1, 340 $ ( 199) Di l u t e d Lo s s Pe r Sha r e $ ( 5. 64) $ 4. 91 $ ( 0. 73) 1 Ch a r g e s i ncl ude g o o d wi l l and t r ade nam e i m pai r m ent , and act i ons t aken as par t of t he s t r at egi c bus i nes s r e v i e w. 2 No n - GAAP n u m b e r s . A r econci l i at i on of GAAP t o n o n - GAAP n u m b e r s can be f ound on t he Of f i c e De p o t we b si t e at
www. o f f i c e d e p o t . c o m .
Ca s h F l o w Hi g h l i g h t s 1 No n - GAAP n u m b e r s . A r econci l i at i on o f GAAP t o n o n - GAAP n u m b e r s c a n b e f o u n d o n t h e Of f i c e De p o t we b s i t e a t www. o f f i c e d e p o t . c o m . 2 F r e e Ca s h F l o w e q u a l s n e t cas h pr ovi ded by oper at i ng act i vi t i es l ess capi t al expendi t ur es . 3 Ca s h F l o w Be f o r e Fi na nc i ng Ac t i v i t i e s equal s t ot al change i n cash l ess cash f l ow f r om f i nanci ng act i vi t i es . i n m i l l i ons Q4 2008* YT D 2 0 0 8 Ne t Lo s s $ ( 1, 539) $ ( 1, 479) Go o d wi l l & Tr a d e Na m e I m pai r m ent $ 1, 270 $ 1, 270 Ot h e r As s e t I m pai r m ent $ 202 $ 222 De p r e c i a t i o n & Am o r t i z a t i o n $ 62 $ 254 Ot h e r Op e r a t i n g and No n - Ca s h I t em s $ 35 $ 201 Ca p i t a l Ex p e n d i t u r e s $ ( 52) $ ( 330) Fr e e Ca s h F l o w( 1 ) ( 2 ) $ ( 22) $ 138 Ac q u i s i t i o n s
$ ( 1 ) $ ( 1 0 3 ) Ot h e r I n v e s t i n g Ac t i v i t i e s & FX I m pa c t on Ca s h $ 2 7 $ 8 4 Ca s h F l o w Be f o r e F i n a n c i n g Ac t i v i t i e s ( 1 ) ( 3 ) $ 4 $ 1 1 9 * Qu a r t e r l y a m o u n t s h a v e b e e n c o n f o r m e d t o f u l l y e a r pr es ent at i on.
L i q u i d i t y Up d a t e I n a d d i t i o n t o a s s e t - b a s e d l e n d i n g f a c i l i t y ( ABL ) , a c t i v e l y p u r s u i n g i n t e r n a l s o u r c e s o f l i q u i d i t y i n 2 0 0 9 , i n c l u d i n g : S a l e l e a s e b a c k a r r a n g e m e n t s i n t h e U. S . and Eu r o p e wh i c h coul d t ot al up t o $200 m i l l i on Sa l e of cer t ai n account s r ecei vabl e i n Eu r o p e wh i c h coul d t ot al up t o $100 m i l l i on A $105 m i l l i on cash benef i t f r om t he s t r at egi c bus i nes s act i ons we announced i n De c e m b e r Di v i d e n d s f r om af f i l i at e and t ax r ef und coul d t ot al $50 m i l l i on I f we as s um e ext r em el y chal l engi ng bus i nes s condi t i ons i n t he f our t h quar t er cont i nue, t he $400+ m i l l i on of addi t i onal l i qui di t y s houl d pr ovi de an adequat e cash cus hi on wi t h o u t d r a wi n g f ur t her on t he ABL
i n 2 0 0 9 As o f t h e e n d o f De c e m b e r 2 0 0 8 , Of f i c e De p o t h a d $ 8 6 8 m i l l i o n i n t o t a l a v a i l a b l e l i q u i d i t y , i n c l u d i n g : $ 7 1 2 m i l l i o n o f ABL a v a i l a b i l i t y $ 1 5 6 m i l l i o n o f c a s h o n hand
Ba l a n c e She e t Hi g h l i g h t s 1 W or ki ng Ca p i t a l = ( cur r ent asset s - cash and s hor t - t er m i nves t m ent s ) - ( cur r ent l i abi l i t i es - cur r ent m at ur i t i es of l ong- t er m debt ) 2 W or ki ng Ca p i t a l as % of Sa l e s = ( ( W C Q4 cur r ent year + W C Q4 pr i or year ) / 2) / Tr a i l i n g f our quar t er sal es i n m i l l i ons , except r at i os and r et ur ns 2008 2007 Ca s h and Ca s h Eq u i v a l e n t s $ 156 $ 223 NAR I n v e n t o r y Pe r St or e ( end of per i od) $ 0. 689 $ 0. 960 I nvent or i es $ 1, 332 $ 1, 718 W or ki ng Ca p i t a l ( 1 ) $ 533 $ 727 W or ki ng Ca p i t a l as a % of Sa l e s ( 2) 4. 3% 3. 5% Ne t De b t ( end of per i od) $ 725 $ 593
Ca p i t a l Ex p e n d i t u r e s Co n t i n u e t o be car ef ul wi t h capi t al s pendi ng and wi l l m ake adj us t m ent s as neces s ar y i n r egar d t o new s t or e openi ngs , s t or e r em odel s , I T and s uppl y chai n s pendi ng f or t he bal ance of t hi s year 2009 capi t al s pendi ng i s t ar get ed at $150 m i l l i on, wh i c h i s about 60% of pr oj ect ed depr eci at i on and am or t i zat i on 2005 2006 2007 2008 2 0 0 9 F Ea s t 261 434 461 330 150 Suppl y Ch a i n & I T Ot h e r NAR S t o r e s 25 55 20 $ m i l l i ons M ai nt enance & Ot h e r Suppl y Ch a i n & I T NAR S t o r e s
As s e t - Ba s e d L o a n S u m m a r y S u c c e s s f u l l y c l o s e d f i v e y e a r , $ 1 . 2 5 b i l l i o n a s s e t - b a s e d l o a n ( ABL ) f a c i l i t y i n t h e t h i r d q u a r t e r o f 2 0 0 8 ABL r e p l a c e s p r e v i o u s $ 1 . 0 b i l l i o n b a n k r e v o l v e r ABL i s d e s i g n e d t o p r o v i d e l i q u i d i t y t o s u p p o r t g l o b a l o p e r a t i o n s Ba n k s yndi cat i on i ncl udes J PM or ga n, Ci t i b a n k , Ba n k of Am e r i c a , W achovi a, W el l s Fa r go and GE Ca p i t a l , am ong ot her s Th e ABL f a c i l i t y i s s ecur ed by t he c o m p a n y 's cur r ent asset s i ncl udi ng account s r ecei vabl e, i nvent or y, and cash and depos i t or y account s Th e ABL f a c i l i t y cont ai ns i ncur r ence f i nanci al covenant s I ncur r ence- bas ed f i nanci al covenant s pr ovi de gr eat er oper at i ng f l exi bi l i t y No f i xed- char ge cover age r at i o t est as
l o n g a s a v a i l a b i l i t y o n t h e l i n e i s o v e r $ 1 8 7 m i l l i o n At t h e e n d o f De c e m b e r , we h a d d r a wn $ 1 3 9 m i l l i o n o n t h e ABL , a n d h a d $ 1 7 8 m i l l i o n i n o u t s t a n d i n g l e t t e r s o f c r e d i t a g a i n s t t h e f a c i l i t y , l e a v i n g u s wi t h $ 7 1 2 m i l l i o n o f a v a i l a b i l i t y
M acr oeconom i c En v i r o n m e n t
U. S . GDP / T h e Co n s u m e r Co n s u m e r Co n f i d e n c e Un e m p l o y m e n t Ra t e Gr o s s Do m e s t i c P r o d u c t Q1 '0 6 Q2 " 0 6 Q3 '0 6 Q4 '0 6 Q1 '0 7 Q2 " 0 7 Q3 '0 7 Q4 '0 7 Q1 '0 8 Q2 " 0 8 Q3 '0 8 Q4 '0 8 Q1 '0 9 F GDP 0 . 0 4 8 0 . 0 2 7 8 . 0 0 0 0 0 0 0 0 1 3 1 4 8 E - 0 3 0 . 0 1 5 0 . 0 0 1 0 . 0 4 8 0 . 0 4 8 - 0 . 0 0 2 9 . 0 0 0 0 0 0 0 0 1 3 1 4 8 E- 0 3 0 . 0 2 8 - 0 . 0 0 5 - 0. 038 - 0. 025 1 / 1 5 / 2 0 0 8 2 / 1 5 / 2 0 0 8 3 / 1 5 / 2 0 0 8 4 / 1 5 / 2 0 0 8 5 / 1 5 / 2 0 0 8 6 / 1 5 / 2 0 0 8 7 / 1 5 / 2 0 0 8 8 / 1 5 / 2 0 0 8 9 / 1 5 / 2 0 0 8 1 0 / 1 5 / 2 0 0 8 1 1 / 1 5 / 2 0 0 8 1 2 / 1 5 / 2 0 0 8 Co n s u m e r Co n f i d e n c e 8 7 . 3 7 6 . 4 6 5 . 9 62. 8 58. 1 51 51. 9 58. 5 61. 4 38. 8 44. 7 38. 6 1/ 15/ 2008 2/ 15/ 2008 3/ 15/ 2008 4/ 15/ 2008 5/ 15/ 2008 6/ 15/ 2008 7/ 15/ 2008 8/ 15/ 2008 9/ 15/ 2008 1 0 / 1 5 / 2 0 0 8 1 1 / 1 5 / 2 0 0 8 1 2 / 1 5 / 2 0 0 8 Un e m p l o y m e n t Ra t e 0. 049 0. 048 0. 051 0. 05 0. 055 0. 056 0. 058 0. 062 0. 062 0. 066
0 . 0 6 8 0 . 0 7 2 Na t i o n a l Bu r e a u o f E c o n o m i c Re s e a r c h i n d i c a t e d t h a t t h e U. S . h a s b e e n i n r e c e s s i o n f o r f o u r q u a r t e r s U. S . e c o n o m y s h r a n k 3 . 8 % i n Q4 '0 8 , t h e l o we s t p a c e s i n c e t h e f i r s t q u a r t e r o f 1 9 8 2 U. S . c o n s u m e r conf i dence f al l s once agai n af t er a m oder at e i m pr ovem ent i n No v e m b e r . T h e i n d e x c o n t i n u e s t o t r a c k a t a l l - t i m e l o ws , a s c o n s u m e r s r e m a i n p e s s i m i s t i c o f c u r r e n t m a r k e t c o n d i t i o n s U. S . e m p l o y m e n t r o s e t o 7 . 2 % i n De c e m b e r 2008, as j ob l os s es we r e l a r g e a n d wi d e s p r e a d a c r o s s m o s t m a j o r i n d u s t r y s e c t o r s S o u r c e : Bu r e a u o f E c o n o m i c An a l y s i s S o u r c e : T h e Co n f e r e n c e Bo a r d S o u r c e : Bu r e a u o f L a b o r St a t i s t i c s
S m a l l Bu s i n e s s / Ho m e S a l e s Re a l E s t a t e L o a n s De l i n q u e n c y Ra t e Re s i d e n t i a l Ra t e : 4 M o n t h L e a d Ho u s i n g : Nu m b e r o f M o n t h s f o r S a l e M o r t g a g e De f a u l t Ra t e s 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 1 0 / 1 5 / 2 0 0 7 1 1 / 1 5 / 2 0 0 7 1 2 / 1 5 / 2 0 0 7 1 / 1 5 / 2 0 0 8 2 / 1 5 / 2 0 0 8 3 / 1 5 / 2 0 0 8 4 / 1 5 / 2 0 0 8 5 / 1 5 / 2 0 0 8 6 / 1 5 / 2 0 0 8 7 / 1 5 / 2 0 0 8 8 / 1 5 / 2 0 0 8 9 / 1 5 / 2 0 0 8 1 0 / 1 / 2 0 0 8 1 1 / 1 / 2 0 0 8 1 2 / 1 / 2 0 0 8 E x i s t i n g Ho m e S a l e s 4 . 1 4 3 . 9 5 . 7 5 . 9 6 6 . 2 6 . 7 7 . 1 7 . 4 7 . 7 8 . 2 8 . 3 8 . 5 8 . 9 9 9 9 . 2 9 . 3 T h e n u m b e r o f m o n t h s l e a d i n g i n d i c a t o r s h o ws c o n t i n u e d i n c r e a s e s a r e e x p e c t e d . De l i n q u e n c y r a t e s i n c r e a s e d s i g n i f i c a n t l y f r o m 4 . 1 i n Q2 '0 8 t o 5 . 1 i n Q3 '0 8 T h e n u m b e r o f m o n t h s t h a t a n e x i s t i n g h o m e i s o n t h e m a r k e t h a s s t e a d i l y i n c r e a s e d o v e r t h e l a s t
t we l v e m o n t h s a n d i s m o r e t h a n t wi c e t h e l e n g t h o f t i m e i t wa s i n 2 0 0 4 T h e U. S . m o r t g a g e q u a r t e r l y d e f a u l t r a t e h a s i n c r e a s e d b y 2 7 0 b a s i s p o i n t s s i n c e Q1 '0 5 t o 7 % a n d p r o j e c t e d t o t r e n d h i g h e r . Q1 2 0 0 5 Q2 2 0 0 5 Q3 2 0 0 5 Q4 2 0 0 5 Q1 2 0 0 6 Q2 2 0 0 6 Q3 2 0 0 6 Q4 2 0 0 6 Q1 2 0 0 7 Q2 2 0 0 7 Q3 2 0 0 7 Q4 2 0 0 7 Q1 2 0 0 8 Q2 2 0 0 8 Q3 2 0 0 8 0 . 0 4 3 1 0 . 0 4 3 4 0 . 0 4 4 4 0 . 0 4 7 0 . 0 4 4 1 0 . 0 4 3 9 0 . 0 4 6 7 0 . 0 4 9 5 0 . 0 4 8 4 0 . 0 5 1 2 0 . 0 5 5 9 0 . 0 5 8 2 0 . 0 6 3 5 0 . 0 6 4 1 0 . 0 6 9 9 Re s i d e n t i a l Re a l E s t a t e L o a n s Nu m b e r o f M o n t h s 1 / 1 / 2 0 0 4 1 . 6 8 3 . 8 2 / 1 / 2 0 0 4 1 . 9 3 4 . 4 3 / 1 / 2 0 0 4 1 . 9 3 4 . 5 4 / 1 / 2 0 0 4 1 . 9 3 4 . 3 5 / 1 / 2 0 0 4 1 . 6 3 3 . 9 6 / 1 / 2 0 0 4 1 . 6 3 4 7 / 1 / 2 0 0 4 1 . 6 3 3 . 6 8 / 1 / 2 0 0 4 1 . 5 2 3 . 7 9 / 1 / 2 0 0 4 1 . 5 2 4 1 0 / 1 / 2 0 0 4 1 . 5 2 3 . 8 1 1 / 1 / 2 0 0 4 1 . 5 5 4 1 2 / 1 / 2 0 0 4
1. 55 4. 1 1/ 1/ 2005 1. 55 4. 3 2/ 1/ 2005 1. 51 4. 4 3/ 1/ 2005 1. 51 4. 4 4/ 1/ 2005 1. 51 4. 4 5/ 1/ 2005 1. 4 3. 8 6/ 1/ 2005 1. 4 4 7/ 1/ 2005 1. 4 3. 7 8/ 1/ 2005 1. 47 3. 7 9/ 1/ 2005 1. 47 3. 8 10/ 1/ 2005 1. 47 4 11/ 1/ 2005 1. 54 4 12/ 1/ 2005 1. 54 4 1/ 1/ 2006 1. 54 4. 3 2/ 1/ 2006 1. 78 4. 2 3/ 1/ 2006 1. 78 3. 9 4/ 1/ 2006 1. 78 3. 9 5/ 1/ 2006 1. 57 3. 7 6/ 1/ 2006 1. 57 3. 6 7/ 1/ 2006 1. 57 3. 6 8/ 1/ 2006 1. 53 3. 5 9/ 1/ 2006 1. 53 3. 4 10/ 1/ 2006 1. 53 3. 7 11/ 1/ 2006 1. 72 4. 1 12/ 1/ 2006 1. 72 4. 3 1/ 1/ 2007 1. 72 4. 8 2/ 1/ 2007 2. 11 5. 2 3/ 1/ 2007 2. 11 5. 5 4/ 1/ 2007 2. 11 5. 8 5/ 1/ 2007 2. 01 5. 7 6/ 1/ 2007 2. 01 5. 8 7/ 1/ 2007 2. 01 6 8/ 1/ 2007 2. 17 5. 8 9/ 1/ 2007 2. 17 5. 8 10/ 1/ 2007 2. 17 5. 9 11/ 1/ 2007 2. 73 6 12/ 1/ 2007 2. 73 6. 2 1/ 1/ 2008 2. 73 6. 7
2 / 1 / 2 0 0 8 3 . 2 7 7 . 1 3 / 1 / 2 0 0 8 3 . 2 7 7 . 4 4 / 1 / 2 0 0 8 3 . 2 7 7 . 7 5 / 1 / 2 0 0 8 3 . 6 4 8 . 2 6 / 1 / 2 0 0 8 3 . 6 4 8 . 3 7 / 1 / 2 0 0 8 3 . 6 4 8 . 5 8 / 1 / 2 0 0 8 4 . 1 1 8 . 9 9 / 1 / 2 0 0 8 4 . 1 1 9 1 0 / 1 / 2 0 0 8 4 . 1 1 9 1 1 / 1 / 2 0 0 8 5 . 1 1 9 . 2 1 2 / 1 / 2 0 0 8 5 . 1 1 9 . 3 1 / 1 / 2 0 0 9 5 . 1 1 S o u r c e : F e d e r a l Re s e r v e , US Ce n s u s S o u r c e : US Ce n s u s S o u r c e : M o r t g a g e Ba n k e r s As s o c i a t i o n o f Am e r i c a
F o r e i g n E x c h a n g e E u r o v s . U. S . Do l l a r U. S . Do l l a r v s . M e x i c a n P e s o T h e U. S . Do l l a r h a s s t r e n g t h e n e d v e r s u s t h e S t e r l i n g s i n c e J u l y '0 8 , a f t e r b e i n g f a i r l y s t a b l e i n t h e f i r st hal f of t he y e a r Ov e r a l l , t h e U. S . Do l l a r s t r e n g t h e n e d v e r s u s t h e Eu r o i n t h e f o u r t h quar t er , h o we v e r , t h e Eu r o d i d r e b o u n d i n De c e m b e r T h e U. S . Do l l a r h a s we a k e n e d v e r s u s t h e M e x i c a n P e s o s i n c e J ul y 0' 8 , a f t e r s t r engt heni ng m oder at el y over t he c o u r s e o v e r t h e y e a r U. K. S t e r l i n g v s . U. S . Do l l a r 2 0 0 6 2007 1/ 8/ 2008 2/ 8/ 2008 3/ 8/ 2008 4/ 8/ 2008 5/ 8/ 2008 6/ 8/ 2008 7/ 8/ 2008 8/ 8/ 2008 9/ 8/ 2008 10/ 8/ 2008 11/ 8/ 2008 12/ 1/ 2008 Ex c h a n g e Ra t e 1. 26 1. 38 1. 49 1. 52 1. 58 1. 56 1. 55 1. 58 1. 56 1. 47 1. 41 1. 27 1. 27
1 . 3 5 2 0 0 6 2 0 0 7 1 / 8 / 2 0 0 8 2 / 8 / 2 0 0 8 3 / 8 / 2 0 0 8 4 / 8 / 2 0 0 8 5 / 8 / 2 0 0 8 6 / 8 / 2 0 0 8 7 / 8 / 2 0 0 8 8 / 8 / 2 0 0 8 9 / 8 / 2 0 0 8 1 0 / 8 / 2 0 0 8 1 1 / 8 / 2 0 0 8 1 2 / 1 / 2 0 0 8 E x c h a n g e Ra t e 1 0 . 9 1 0 . 9 2 1 0 . 8 3 1 0 . 7 1 1 0 . 6 4 10. 49 10. 33 10. 31 10. 04 10. 29 10. 94 12. 83 13. 46 13. 43 2006 2007 1/ 1/ 2008 2/ 1/ 2008 3/ 1/ 2008 4/ 1/ 2008 5/ 1/ 2008 6/ 1/ 2008 7 / 1 / 2 0 0 8 8 / 1 / 2 0 0 8 9 / 1 / 2 0 0 8 1 0 / 1 / 2 0 0 8 1 1 / 1 / 2 0 0 8 1 2 / 1 / 2 0 0 8 E x i s t i n g Ho m e S a l e s 1 . 8 4 2 1. 99 1. 99 1. 98 1. 99 1. 98 1. 99 1. 98 1. 82 1. 78 1. 61 1 . 5 4 1 . 4 9 S o u r c e : Bl o o m b e r g - Ye a r l y / M o n t h l y Av e r a g e s S o u r c e : Bl o o m b e r g S o u r c e : Bl o o m b e r g S o u r c e : Bl o o m b e r g
I nves t or Pr e s e nt a t i on Fe br ua r y 2009

OFFICE DEPOT INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24

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OFFICE DEPOT INC 8-K (Events or Changes Between Quarterly Reports) 2009-02-24

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Date of Report: February 24, 2009

Commission file number 1-10948

OFFICE DEPOT, INC.

6600 North Military Trail, Boca Raton, Florida 33496

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area code)

Former name or former address, if changed since last report: N/A

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

ITEM 7.01 REGULATION FD DISCLOSURE

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

OFFICE DEPOT, INC.

Date: February 24, 2009 By: /S/ ELISA D. GARCIA C.

OFFICE DEPOT ANNOUNCES FOURTH QUARTER 2008 RESULTS

FOURTH QUARTER RESULTS 1

FOURTH QUARTER DIVISION RESULTS

FULL YEAR RESULTS 1

Conference Call Information

About Office Depot

OFFICE DEPOT, INC.

Liabilities and stockholders’ equity

Commitments and contingencies

OFFICE DEPOT, INC.

Gross profit 829,122 1,022,536 4,005,759 4,502,898

Operating profit (loss) (1,654,472) (11,121) (1,545,041) 483,601

Other income (expense):

Earnings (loss) before income taxes (1,668,317) (17,247) (1,577,583) 458,633

Income tax expense (benefit) (129,306) (36,021) (98,645) 63,018

Net earnings (loss) $ (1,539,011) $ 18,774 $ (1,478,938) $ 395,615

Earnings (loss) per common share:

Weighted average number of common shares outstanding:

OFFICE DEPOT, INC.

Cash flows from investing activities:

Cash flows from financing activities:

Net increase (decrease) in cash and cash equivalents (67,209) 49,402

OFFICE DEPOT, INC.

Q4 2008 GAAP % of Sale s C h arge s Non -GAAP % of Sale s

Q4 2007 GAAP % of Sale s C h arge s Non -GAAP % of Sale s

YTD 2008 GAAP % of Sale s C h arge s Non -GAAP % of Sale s

YTD 2007 GAAP % of Sale s C h arge s Non -GAAP % of Sale s

OFFICE DEPOT, INC.

Free Cash Flow

Cash Flow Before Financing Activities

Free Cash Flow

Cash Flow Before Financing Activities

Office Depot, Inc.

North American Retail Division

Fourth Q u arte r Ye ar-to-Date

Division operating profit (loss) $(119.3) $ 23.5 $ (29.2) $ 354.5

North American Business Solutions Division

Fourth Q u arte r Ye ar-to-Date

Division operating profit (loss) $ (28.2) $ 0.8 $ 119.8 $ 220.1

Fourth Q u arte r Ye ar-to-Date

Division operating profit $ 10.0 $ 59.6 $ 157.2 $ 231.1

Office Depot, Inc.

Other Selected Financial Information

Cumulative share repurchases under approved repurchase plans (shares): — 5,702

Shares outstanding, end of quarter 274,862 272,958

Selected Operating Highlights

United States and Canada:

North American Retail Division square footage: 30,672,862 29,790,082

I nt er nat i onal - Re s u l t s I n m i l l i ons , except r at i os and st at i st i cs Q4 2008 Q4 2007 Sa l e s $ 963 $ 1, 135 Ch a n g e i n Lo c a l Cu r r e n c y Sa l e s - 4% 2% Di v i s i o n Op e r a t i n g Pr of i t $ 10 $ 60 Di v i s i o n Op e r a t i n g M ar gi n 1. 0% 5. 3%

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