Office Depot Net Income Rises 82%

Office Depot Inc. reported an 82% jump in first-quarter net income due to lower costs and revamped merchandising.

Office Depot said first-quarter net income rose to $102.7 million, or 32 cents a share, beating estimates.

Sales rose 1% to $3.04 billion, but sales at stores open at least a year, a key indication of retail performance, fell 1%. Office Depot shares fell $1.69, or 7.8%, to $20.05 on the NYSE.