The ODP Corporation reported first quarter 2025 consolidated sales of $1.699 billion, a 9.1% decrease year-over-year from $1.869 billion. GAAP diluted loss per share from continuing operations was $(0.97), while adjusted diluted EPS was $1.06.
Adjusted EBITDA for the quarter was $76 million, and operating cash flow from continuing operations increased to $57 million from $44 million in the prior year. Adjusted free cash flow significantly improved to $45 million, more than doubling from $17 million year-over-year.
The 'Optimize for Growth' restructuring plan progressed, with the closure of 9 retail store locations and $48 million in restructuring costs incurred during the quarter. Revenue from Veyer's third-party customers grew by 89% year-over-year to $17 million.
ODP Business Solutions continued its expansion into the hospitality market, having signed its first partnership with a leading hotel management company covering over 15,000 potential customer locations. Key supply agreements were also established with Sobel Westex and Hunter Amenities.
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