ODP Corporation, the parent company of Office Depot, had a bad quarter. They made less money than they expected and their sales went down by 10%. Because of this, they had to lower their expectations for the whole year. Their stock price went down a lot because of this news. Read from source...

- The title is misleading: "Office Depot Parent ODP Slashes FY24 Guidance Amid 10% Sales Drop - Stock Slumps". It implies that the drop in sales is the reason for the guidance cut, but the article later reveals that the sales decline was primarily due to reduced sales in the Office Depot Division, which had 58 fewer retail locations and fewer transactions than the previous year, along with lower ODP Business Solutions Division sales. It also does not mention that the company reported adjusted earnings per share of 56 cents, missing the analyst consensus of $1.20.
- The article uses outdated information: "This decline is mainly due to reduced sales in the Office Depot Division, which had 58 fewer retail locations and fewer transactions than the previous year, along with lower ODP Business Solutions Division sales." The company has not provided any updated information on the number of retail locations or transactions since the second quarter of 2023, so it is unclear whether this is still the case.
- The article is biased against the company: The article uses phrases such as "slumps", "below their prior expectations", "pacing below", "missing the street view", "taking actions to improve", "not standing still", "pacing below", "not standing still", "taking actions to improve", "capturing the long-term opportunities", "solve more of their procurement challenges". These phrases are negative and imply that the company is not performing well, when in reality, the company is making efforts to improve its performance and is optimistic about its future prospects.
- The article is emotional and irrational: The article quotes the CEO as saying, "While we are pacing below our prior expectations for the year, we are not standing still. We're taking actions to improve our top-line trajectory and we remain focused on capturing the long-term opportunities derived by our strong value proposition, solid balance sheet, and flexible foundation." This statement is rational and logical, as it acknowledges the current challenges but also outlines a plan to address them and capitalize on opportunities. The article, however, chooses to focus on the negative aspects and implies that the company is doomed to fail.
- The article does not provide a balanced view: The article does not mention any positive aspects of the company's performance, such as its strong value proposition, solid balance sheet, or flexible foundation. It also does not provide any analysis or commentary from industry experts or analysts who may have a different perspective on the company's situation and outlook.
- The article is too short and lacks depth: The article is only 346 words long,

Negative
Article's Opinion (positive, negative, neutral): Negative
### Final answer: Negative

- ODP shares are trading lower by 33.8% to $25.11 at last check Wednesday.
- The company reported adjusted earnings per share of 56 cents, missing the analyst consensus of $1.20.
- Total reported sales reached $1.717 billion, a 10% decrease year over year. Sales missed the street view of $1.762 billion.
- The decline is mainly due to reduced sales in the Office Depot Division, which had 58 fewer retail locations and fewer transactions than the previous year, along with lower ODP Business Solutions Division sales.
- Adjusted operating income was $33 million, down from $67 million in the second quarter of 2023.
- The company registered adjusted EBITDA of $57 million, compared to $95 million in the year-ago period.
- The company has revised its FY24 outlook, lowering the adjusted EPS forecast to $4.25-$5.00 from $6.30-$6.60, below the $6.37 estimate, and reducing the revenue forecast to at least $7 billion from $7.44 billion, compared to the $7.39 billion estimate.

Benzinga’s Take:
The ODP Corporation reported Q2 results that were worse than expected, leading to a 34% drop in its stock price. The company's sales fell 10% YoY, missing expectations, and its adjusted EPS and adjusted EBITDA also came in lower than the consensus. The company has slashed its FY24 guidance, projecting adjusted EPS of $4.25-$5.00 and revenue of at least $7 billion, down from previous expectations of $6.30-$6.60 for EPS and $7.44 billion for revenue. This suggests that the company is facing significant challenges in its core Office Depot and ODP Business Solutions divisions, and that management is taking steps to improve its top-line trajectory. Investors may want to consider the risks and uncertainties associated with the company's growth prospects and profitability, as well as the potential impact of the current economic environment on its business.