Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Quarterly Financial Data [Abstract]

Quarterly Financial Data

NOTE Q – QUARTERLY FINANCIAL DATA (UNAUDITED)

(In thousands, except per share amounts)	First Quarter			Second Quarter			Third Quarter(1)		Fourth Quarter(2)
Fiscal Year Ended December 31, 2011
Net sales	$	2,972,960		$	2,710,141		$	2,836,737	$	2,969,695
Gross profit		878,188			794,052			855,020		899,186
Net earnings (loss)		(5,390	)		(20,116	)		100,849		20,348
Net earnings (loss) attributable to Office Depot, Inc.		(5,414	)		(20,114	)		100,872		20,350
Net earnings (loss) available to common shareholders		(14,627	)		(29,327	)		91,659		12,284
Net earnings (loss) per share*:
Basic	$	(0.05	)	$	(0.11	)	$	0.29	$	0.04
Diluted	$	(0.05	)	$	(0.11	)	$	0.28	$	0.04

* Due to rounding, the sum of the quarterly earnings per share amounts may not equal the reported earnings per share for the year.

(1) Net earnings includes approximately $99 million of tax and related interest benefits from the reversal of uncertain tax positions^.

(2) Fiscal year 2011 includes 53 weeks in accordance with our 52- week, 53-week retail calendar; accordingly, the fourth quarter includes 14 weeks. Additionally, the fourth quarter includes approximately $24 million of benefits from the reversal of uncertain tax positions and valuation allowances.

(In thousands, except per share amounts)	First Quarter		Second Quarter(1)			Third Quarter(2)		Fourth Quarter(3)
Fiscal Year Ended December 25, 2010
Net sales	$	3,071,970	$	2,699,475		$	2,899,717	$	2,961,932
Gross profit		913,731		766,688			829,183		847,535
Net earnings (loss)		29,240		(16,140	)		40,622		(99,927	)
Net earnings (loss) attributable to Office Depot, Inc.		29,468		(15,934	)		41,254		(99,411	)
Net earnings (loss) available to common shareholders		19,993		(25,147	)		32,044		(108,626	)
Net loss per share*:
Basic	$	0.07	$	(0.09	)	$	0.12	$	(0.39	)
Diluted	$	0.07	$	(0.09	)	$	0.12	$	(0.39	)

* Due to rounding, the sum of the quarterly earnings per share amounts may not equal the reported earnings per share for the year.

(1) Net loss for the quarter includes approximately $13 million discrete tax benefits from the release of a valuation allowance in Europe and a favorable settlement with certain taxing authorities^.

(2) Net earnings for the quarter includes approximately $32 million of discrete tax benefits from the settlement of certain tax positions relating to open years as well as approximately $13 million of related interest benefits.

(3) Net loss for the quarter includes approximately $12 million related to pre-tax charges for severance and facility closures, $11 million loss on the sale of operating entities, $51 million from software write off, and $13 million severance and related costs for departing executive officer.