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    • Thu Feb 28th 18:05 PM
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      The Long Case for Office Depot
      This stock has a base at about $11.50 and if it drops below that it will probably go to single digits. Executives at this Co. are given way too much credit for any of it's success. The Company is still bloated at the top and even with the CFO leaving, nobody wants to recognize that the problem isn't the industry, it's the OD Management and Board.
      The right merchants with the right product mix could grow this business double digits, but private brand is not the answer. Analysts think private brand goods grow profit, they do not if they don't sell. A "dog" private brand item hurts the bottom line even worse than name brand goods because sell thru is totally in the hands of the retailer and a significant margin hit. OD is loaded (based on Steve Odland's direction) with private brand goods that are not in package quantities consumers want, and pricing isn't that attractive either.
      The future with OD would be served better with a merchant CEO who knows how to sell, and a decentralized approach that values diverse stores, styles, and management flexibility. OD like many retailers has fallen into the trap of "cookie cutter" theory. Believing that sameness = easier and better execution for better results. Not so. Growing your teams to be agile, responsive, and stand alone capable, generates creativity, independance, and pride...those qualities show up in better customer experiences = sales. Low wage workers aren't the problem, brain dead Corp. leadership is the untold OD story.
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