“Veyer’s capabilities include nationwide coverage, next-day delivery options, desktop delivery, and it can provide services such as just-in-time logistics as well as leverage its proprietary tools like flow path analytics to provide greater insight to drive efficiencies across our network,” he said. That operation was previously embedded as a primary support cost function for ODP, but is now separated into its own operating segment leveraging world-class capabilities to bring a strong value proposition to both internal and external customers, Smith said. The third is Veyer, which is the supply chain and logistics company that ODP has developed over more than three decades. “And now as an omni-channel business, we see continued stabilization going forward.”
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“Office Depot continue to be a strong generator of cash flow for the business,” he said. The second is the Office Depot business unit, which Smith described as a true omni-channel consumer business combining ODP’s retail store footprint and e-commerce platform that was previously included in its business services BSC business segment. “Its role in the portfolio is to expand margins drive growth and cashflow.”
“We have built a very strong customer base, and this business continues to exhibit strong growth and is clearly on a path to expand its margins back to and beyond pre-COVID levels,” he said. ODP Business Solutions serves small, medium, and enterprise level companies with both core business supplies as well as other categories including cleaning and break room, janitorial and sanitation, tech workspaces, and copy and print services, Smith said. The first of the four is ODP Business Solutions, which is essentially ODP’s enterprise contract business from its prior BSD (business solutions division) segment. And it is a reflection of the power of the assets that we control, the flexibility of our platform, and the growing demand from our customers from the services and products we provide.” It is a culmination of a significant amount of work by our team. “Everything that we‘ve done over the past few years have led us to this point in our journey. “These four business units will work seamlessly together to allow us to pursue new growth opportunities, to improve asset utilization, and to more fully reflect the power of our businesses and unlock shareholder value,” he said. Smith told analysts during his prepared remarks that ODP has completed the realignment of its operating structure that supports its new four business unit model.
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Smith also took time to reaffirm ODP’s guidance for full year 2022. ODP’s third fiscal quarter 2022 is the first time the company is reporting results for each of its four business units, ODP CEO Gerry Smith told financial analysts during Wednesday’s quarterly financial presentation, which corresponded with the company’s annual investor’s day presentation.
ODP, the parent company of Office Depot and OfficeMax, on Wednesday broke its quarterly financial report out according to its four new business units, with its B2B unit success helping to overcome a drop in its B2C business. Revenue for the business unit, one of four business units of ODP, was reported separately for the first time Wednesday when ODP broke its quarterly financial report out according to its four new business units. ODP Business Solutions, the B2B business unit of Office Depot and OfficeMax parent ODP, generated $1 billion in sales in its most recent quarter.
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