BizBox is a business services platform launched this week by Office Depot for startups and small-business leaders. The core offering includes website hosting and design; digital and social marketing; asset management; finance and accounting; customer relationship management; human resources and payroll support; and technical support services provided by CompuCom, Smith said.
"Starting and managing small businesses is time-consuming and can be overwhelming," Smith said. "Business owners are looking for a single, convenient platform to access fundamental services necessary to start, manage and take care of their business."
BizBox will be provided as a monthly subscription, which Smith said aligns with Office Depot's strategy of building new, recurring revenue services across the company. And the flexible platform will enable Office Depot to add additional services to the BizBox portfolio in the months and years ahead.
Office Depot's sales for the third quarter ended Sept. 30 fell to $2.62 billion, down 8 percent from $2.84 billion the year prior. That edged out Seeking Alpha projections of $2.61 billion.
Net income decreased to $92 million, or 17 cents per share, down 52 percent from $193 million, or 35 cents per share, last year. On a non-GAAP basis, net income from continuing operations dipped to $74 million, or 14 cents per share, down 17 percent from $89 million, or 16 cents per share, the year prior. This was in line with Seeking Alpha's expectations.
Office Depot's stock was up 11 cents, or 3.65 percent, to $3.12 in trading midday Thursday. Earnings were announced before the market opened.
For all of 2017, Office Depot expects total company sales to be lower than 2016 sales due to the impact of planned store closures, prior-year contract customer losses, continued challenging market conditions, and hurricane impacts.
However, for the quarter ending Dec. 31, the rate of sales decline is expected to improve thanks to new customer wins, customer retention efforts and growth from strategic business initiatives, the company said.