The ratings on Office Depot Inc. (Office Depot) reflect the company's meaningful position in the North American office products industry, strong balance sheet, diverse distribution channels, and recent operating improvement. These factors are mitigated by the maturing U.S. office supply industry, which has resulted in key players increasing their focus on new markets, particularly in Europe. Office Depot is a leading supplier of office products, with $11.4 billion in sales. The company operates about 880 office supply superstores in North America and about 180 stores internationally through wholly owned store, joint-venture, and licensing agreements. Office Depot also holds a leading position in the U.S. mail order and contract stationer businesses, which combined represent about 34% of the company's consolidated sales.
