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Office Depot Profit Lower as Same-Store Sales Fall

Office Depot, the world's second-largest office supplies retailer, reported lower quarterly profit Tuesday as U.S. same-store sales fell and margins were pressured by promotions.

Office Depot, which delayed its earnings release by three weeks due to an audit review of its vendor program funds, said third-quarter net income was $117.5 million, or 43 cents per share, compared with a restated $129.1 million, or 45 cents per share, a year ago.

Earlier this month Office Depot said accounting errors would cause it to reduce earnings for some prior periods due to non-cash adjustments.