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Office Depot posts 4Q profit
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February 13, 2002: 8:33 a.m. ET
No. 1 office products retailer beats analyst expectations, lifts 2002 estimates.
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NEW YORK (CNN/Money) - Office Depot Inc. reported a fourth-quarter profit Wednesday and said it is raising its earnings forecast for 2002.
The Delray Beach, Fla.-based office products retailer posted net income of $4.3 million, or 13 cents a share, compared with a loss of $168.3 million, or 57 cents a share, a year earlier.
The earnings per share before charges related to closing 78 non-performing stores and certain investments totaled 19 cents, or $58.1 million.
Analysts on average had estimated earnings of 18 cents per share before the charges, according to tracking firm First Call. Sales for the fourth quarter, ended Dec. 29, fell 8 percent to $2.8 billion.
The company also raised its target for 2002 earnings to between 97 cents and $1.03 a share, a 25 percent gain over 2001. 
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