In its response to Standard and Poor's decision to lower its corporate credit rating, Office Depot has emphasized that its business strategy will bring results and that operating profits will improve.

 

"Our management team is committed to taking every step necessary to improve the company's performance," Office Depot Chief Executive Officer Steve Odland said in a news release. "We have a strong turnaround plan in place and we are focused on executing that plan."

 

The plan includes focusing on new products and relaunching a loyalty program in its North American retail segment, redesigning a direct marketing program for its North American Business Solutions segment, improving service in the U.K., transitioning back-office functions to a shared service center in Eastern Europe and increasing direct import and private brand penetration in Europe and Asia.

 

Odland said he is confident the quarter ended March 31 will demonstrate improved results over the quarter ended Dec. 29.