Company History

About Office Depot Worldwide

With sales of 12.4 billion US Dollars, no one sells more office products to more customers in more countries than Office Depot. The Company operates under the Office Depot, Viking Office Products, Viking Direct, Viking Direkt, Guilbert and 4Sure.com brand names and employs nearly 50.000 people worldwide.

Office Depot sells products and services via the Mail-order Division, the Contract Division and the Retail Division (1,100 Office Depot stores) in 23 countries worldwide. Office Depot is the world’s number two online retailer and operates 56 Web sites in 14 countries worldwide.

In 2003 the Company generated worldwide e-Commerce sales of 2.6 billion USD.

The company’s common stock is traded on the New York Stock Exchange under the symbol 'ODP' and is included in the S&P 500 Index and the Fortune Top 500.

About Office Depot Europe

In Europe, Office Depot sells office products and services under the Office Depot, Viking Direct and Guilbert brand names.

As one of the Industry’s leading direct mail marketers worldwide, Viking Direct currently operates in 12 countries, including: Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, The Netherlands, Portugal, Spain, Switzerland and the United Kingdom.

In addition, the Company has operations under the Guilbert and Office Depot brand names through its Contract Division in nine countries: Belgium, France, Germany, Ireland, Italy, The Netherlands, Portugal, Spain and the United Kingdom. The division targets medium to large-sized corporate and international accounts through a specialised sales force providing tailored office supply solutions.

Furthermore the Company has 42 wholly owned retail stores under the Office Depot brand name in France, 6 stores in Spain and 3 stores in Hungary as well as 13 in Poland under license agreements.

Dramatic Growth Over 18 Years

While Office Depot is clearly a powerful organization today, the Company's beginnings were quite modest. Office Depot was founded in Florida in 1986 and opened its first store in Fort Lauderdale. In late 1987, David I. Fuente assumed the post of Chairman and Chief Executive Officer of the fledging company, and took Office Depot public in 1988. Fuente immediately began to execute an ambitious plan to expand the Company's footprint in key U.S. markets. The results were dramatic: By the end of 1990 Office Depot had 173 stores in 27 states. That same year, Office Depot merged with The Office Club, Inc., becoming the largest office products retailer in North America.

Domestic growth, however, was only one aspect of Office Depot's expansion in the Company's early years; the management team had its sights set on penetrating international markets as well. Early 1992 marked the Company's acquisition of H.Q. Office International, Inc., which included the Great Canadian Office Supplies Warehouse chain in western Canada. Growing steadily, the Company also opened new retail stores in Israel and Colombia under international licensing agreements.

As Office Depot expanded geographically, the company also began to extend beyond its traditional markets. In 1993, Office Depot entered the rapidly consolidating contract stationery business by acquiring two market leaders: Wilson Stationery & Printing Company and Eastman Office Products Corporation. The merger of six additional contract stationers followed these purchases during 1994. These moves positioned Office Depot to take advantage of industry trends that would come to play a central role in the Company's success.

In the meantime, Office Depot continued its steady international growth. Between 1995 and 1998, the Company opened stores in Poland, Hungary and Thailand under international licensing agreements, and in Mexico, France and Japan under joint venture agreements. Later, the Company acquired the interests of its joint venture partners in both France and Japan.

In 1998, Office Depot merged with Viking Office Products, a public company and the world's leading direct mail marketer of office products. The addition of Viking to the Office Depot organization not only vastly expanded Office Depot's international presence, but also made the company the leading provider of office products and services in the world.

That same year, Office Depot began to leverage the Internet aggressively, launching the first of a number of new Web sites, www.officedepot.com. The award-winning site established Office Depot as the industry's technology leader, expanded its domestic e-commerce capabilities, and ultimately extended the range of products and services the company could offer its customers. The following year, the company launched its first European e-commerce site, www.viking-direct.co.uk, in the U.K. Today, the Company has 23 websites worldwide.

New Leadership Opens Exciting New Chapter in Company History

As Office Depot grew larger and more complex, its management leadership needs changed. In 2000, David Fuente stepped aside, and Bruce Nelson was appointed Chief Executive Officer. Nelson's charge was challenging: to guide Office Depot at an exciting and defining time in the Company's evolution. Nelson immediately undertook several new management initiatives geared to make Office Depot a more compelling place to work, shop and invest. With a careful focus on invigorating the company's U.S. retail operations, expanding its international business, growing its best-in-class e-commerce business, and building a world-class warehouse and distribution network. Nelson focused on core competencies and dramatic improvements have been made in the management of our supply chain, inventory and warehouse operations. By devoting significant energy and resources to making the company a more compelling place to work and shop, Office Depot has continued to succeed in today’s uncertain economic environment.