Office Depot stock rises 15 percent after cost-cutting announcement

Office Depot's stock rose more than 15 percent in Nasdaq trading on Wednesday in response to its third-quarter announcement of further cost-cutting measures, which include closing 300 additional stores over three years and selling its international businesses. The stock of the Boca Raton-based office supply retailer closed at $3.51 a share, up 46 cents. Office Depot's stock has traded at a range of $3.01 to $7.91 over 52 weeks.

While reducing overall store sales, Office Depot is improving its profitability, said CEO Roland Smith in a conference call on Wednesday. Smith said sales to large business customers are back on track, following uncertainty related to the planned Staples merger called off in May.

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This story was originally published November 2, 2016 at 6:02 PM with the headline "Office Depot stock rises 15 percent after cost-cutting announcement."