The ratings on Office Depot Inc. reflect the company's meaningful position in the North American office products industry, diverse distribution channels, recent operating improvement, and strong balance sheet. 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 $12.4 billion in sales in 2003. The company operates 900 office supply superstores in North America and about 200 stores internationally through wholly owned stores, joint ventures, and licensing agreements. Office Depot also holds a leading position in the U.S. mail order and contract stationer businesses, which combined represent about 35% of the company's consolidated sales.
