Exhibit 99.1

CONTACTS:

Brian Turcotte

Investor Relations

561-438-3657

brian.turcotte@officedepot.com

Brian Levine

Public Relations

561-438-2895

brian.levine@officedepot.com

OFFICE DEPOT ANNOUNCES FIRST QUARTER 2011 RESULTS

BOCA RATON, Fla., April 26, 2011 — Office Depot, Inc. (NYSE: ODP), celebrating 25 years as a leading global provider of office supplies and services, today announced results for the fiscal quarter ending March 26, 2011.

FIRST QUARTER RESULTS ¹

Total Company sales for the first quarter of 2011 were $3.0 billion, a decrease of 3% compared to the first quarter of 2010. Excluding sales related to asset dispositions and deconsolidation in the fourth quarter of 2010 and an acquisition in the first quarter of 2011, total Company sales decreased 2% versus prior year.

The Company reported a net loss, after preferred stock dividends, of $15 million or $0.05 per share in the first quarter of 2011, compared to net earnings of $20 million or $0.07 per share in the first quarter of 2010.

The effective tax rate for the first quarter of 2011 was 164%, reflecting tax expense in income generating jurisdictions that, because of the existence of valuation allowances, could not be offset by deferred tax benefits in certain jurisdictions reporting operating losses.

First quarter 2011 results included charges primarily related to restructuring and integration activity costs, and actions to improve future operating performance. Excluding these charges, which totaled $8 million before tax, net earnings, after preferred stock dividends, were marginally profitable.

Total Company operating expenses, adjusted for charges in the first quarter of 2011, decreased by $7 million compared with the prior year. EBIT, adjusted for charges, was $34 million in the first quarter of 2011, compared to EBIT of $62 million in the prior year period.

“Our first quarter operating results were lower than the prior year due to the impact of lower sales,” said Neil Austrian, Office Depot’s Interim Chairman and Chief Executive Officer. “However, we are encouraged by the progress we’re making throughout the enterprise to improve the future operating performance of the Company.”

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FIRST QUARTER DIVISION RESULTS

North American Retail Division

First quarter 2011 sales in the North American Retail Division were $1.3 billion, a decrease of 2% compared to the same period last year. Same store sales in the 1,115 stores in the U.S. and Canada that have been open for more than one year decreased 1% in the first quarter compared to the prior year period. Average order value rose slightly in the first quarter versus prior year while customer transaction counts declined in part due to the negative impact of winter weather.

The North American Retail Division reported an operating profit of $58 million for the first quarter of 2011, compared to $73 million reported in the same period of the prior year. The operating profit decline was driven primarily by the negative flow-through impact from lower sales, rolling over a shrink benefit reported one year ago, incremental advertising expense to drive brand awareness and additional investment in key initiatives. These factors were somewhat offset by lower property costs.

During the first quarter, Office Depot closed seven stores, opened one and relocated two stores, bringing the total store count for North America to 1,141 as of March 26, 2011.

North American Business Solutions Division

First quarter 2011 sales in the North American Business Solutions Division were $806 million, a decrease of 3% compared to the same period last year. The division’s first quarter average order value was flat versus the same period last year. Although lower customer transaction counts were the main driver of the sales decline during the quarter, the rate of decline has improved sequentially each quarter since the second quarter of 2009. Direct channel sales in the first quarter were flat versus one year ago while contract channel sales declined about 3% in the first quarter versus the prior year, attributable to the transition from certain expired to new purchasing consortiums.

The North American Business Solutions Division reported an operating profit of $16 million for the first quarter of 2011, compared to $20 million for the same period of the prior year. The decline in first quarter operating profit included the negative flow-through impact of lower sales, increased marketing and sales costs related to the back-to-business season and rolling over a shrink benefit reported one year ago. Partially offsetting these items were reductions in selling and other operating costs.

International Division

First quarter 2011 sales in the International Division were $846 million, a decrease of 5% in U.S. dollars and 6% in constant currency, compared to the prior year. Excluding asset dispositions and deconsolidation in the fourth quarter of 2010, and an acquisition in the first quarter of 2011, constant currency sales were flat in the first quarter of 2011 versus the prior year. Contract channel sales increased in constant currency in the first quarter compared to the prior year while direct channel sales were lower than a year ago. Retail channel sales grew at a high single-digit rate in the first quarter compared to prior year in constant currency, excluding sales from the Division’s business in Israel that was divested in late 2010.

The International Division reported an operating profit of $27 million for the first quarter of 2011, compared to $42 million in the same period of the prior year. The reported operating profit includes $6 million of charges associated with the business restructuring activities and acquisition integration costs in the first quarter of 2011. The balance of the year-over-year operating profit decline was primarily driven by a reduction in gross profit margin due to product cost increases and competitive product pricing. These margin pressures were partially offset by lower operating expenses as a result of the divested businesses and the benefits created from the continuous process improvement initiative in the first quarter of 2011.

Other Matters

Office Depot completed its acquisition of Svanströms Gruppen, a Swedish office supply company, on February 25, 2011. The acquisition complements Office Depot’s existing Swedish operations, enables it to continue to grow its European business and positions the Company as one of the leading multi-channel office supply companies in Sweden.

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At the end of the first quarter, the Company had $70 million drawn in Europe on its asset-based loan (ABL) facility and $684 million of availability. The drawn funds were applied to the acquisition of Svanströms Gruppen. With $684 million of ABL facility availability and $494 million in cash on hand as of March 26, 2011, the Company ended the first quarter of 2011 with $1.2 billion in total available liquidity.

Additional information on the Company’s first quarter 2011 results can be found in our Form 10-Q filed with the Securities and Exchange Commission on April 26, 2011. Additional information on the Company’s first quarter results can also be found in the Investor Relations section of our corporate website, www.officedepot.com, under the category Financial Information.

Non-GAAP Reconciliation

A reconciliation of GAAP results to non-GAAP results excluding certain items is presented in this release and also may be found in the Investor Relations section of our corporate website, www.officedepot.com, under the category Financial Information.

Conference Call Information

Office Depot will hold a conference call for investors and analysts at 9:00 a.m. (Eastern Time) today. The conference call will be available to all investors via Web cast at http://investor.officedepot.com. Interested parties may contact Investor Relations at 561-438-7893 for further information.

About Office Depot

Celebrating 25 years as a leading global provider of office supplies and services, Office Depot is Taking Care of Business for millions of customers around the globe. For the local corner store as well as Fortune 500 companies, Office Depot provides supplies and services to its customers through 1,641 worldwide retail stores, a dedicated sales force, top-rated catalogs and global e-commerce operations. Office Depot has annual sales of approximately $11.6 billion, and employs about 40,000 associates around the world. The Company provides more office supplies and services to more customers in more countries than any other company, and currently sells to customers directly or through affiliates in 55 countries.

Office Depot’s common stock is listed on the New York Stock Exchange under the symbol ODP. Additional press information can be found at: http://mediarelations.officedepot.com and http://socialpress.officedepot.com/.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS: The Private Securities Litigation Reform Act of 1995, as amended (the “Act”) provides protection from liability in private lawsuits for “forward-looking” statements made by public companies under certain circumstances, provided that the public company discloses with specificity the risk factors that may impact its future results. We want to take advantage of the “safe harbor” provisions of the Act. Certain statements made in this press release are forward-looking statements under the Act. Except for historical financial and business performance information, statements made in this press release should be considered forward-looking as referred to in the Act. Much of the information that looks towards future performance of our company is based on various factors and important assumptions about future events that may or may not actually come true. As a result, our operations and financial results in the future could differ materially and substantially from those we have discussed in the forward-looking statements made in this press release. Certain risks and uncertainties are detailed from time to time in our filings with the United States Securities and Exchange Commission (“SEC”). You are strongly urged to review all such filings for a more detailed discussion of such risks and uncertainties. The Company’s SEC filings are readily obtainable at no charge at www.sec.gov and at www.freeEDGAR.com, as well as on a number of other commercial web sites.

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OFFICE DEPOT, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

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OFFICE DEPOT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

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OFFICE DEPOT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

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OFFICE DEPOT, INC.

GAAP to Non-GAAP Reconciliations

We report our results in accordance with accounting principles generally accepted in the United States (“GAAP”). We also review certain financial measures excluding impacts of transactions that are beyond our core operations (“non-GAAP”). A reconciliation of GAAP financial measures to non-GAAP financial measures and the limitations on their use may be accessed in the “Investor Relations” section of our corporate website, www.officedepot.com. Certain portions of those reconciliations are provided in the following tables.

($ in millions, except per share amounts)

There were no comparable Non-GAAP measures reported in the first quarter of 2010.

OFFICE DEPOT, INC.

GAAP to Non-GAAP Reconciliations (Continued)

($ in millions)

Free cash flow is calculated as net cash provided by (used in) operating activities less capital expenditures.

Cash flow before financing activities is calculated as the net increase (decrease) in cash and cash equivalents less net cash provided by (used in) financing activities.

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OFFICE DEPOT, INC.

DIVISION INFORMATION

(Unaudited)

North American Retail Division

North American Business Solutions Division

International Division

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OFFICE DEPOT, INC.

SELECTED FINANCIAL AND OPERATING DATA

(Unaudited)

Selected Operating Highlights

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