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 adequate financial measures. These factors are balanced by the maturing U.S. office supply industry, which has caused key players to increase 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 about 900 office supply superstores in North America and Canada and about 200 stores in the rest of the world, as wholly owned stores and joint ventures, and through licensing agreements. Office Depot also holds a leading position in the U.S. mail-order and contract stationer businesses, which
