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WEST PALM BEACH, Fla. (AP) - Office Depot Inc., the nation's second-largest office supplies retailer, said Wednesday its fourth-quarter earnings rose 27 percent as the chain cut operating costs and used promotions to drive holiday sales.
Net income jumped to $135 million, or 48 cents per share, from $106.3 million, or 34 cents per share, a year ago. Earnings adjusted to exclude certain items were $151.7 million, or 54 cents per share, versus $117.1 million, or 38 cents per share, in the 2005 quarter.
But analysts, whose estimates typically exclude items, were looking for profit of 52 cents per share, according to Thomson Financial, and the company's shares fell 93 cents, or 2.48 percent, to $36.58 in afternoon trading on the New York Stock Exchange.
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