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 THIRD QUARTER 2011 RESULTS

BOCA RATON, Fla., October 25, 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 September 24, 2011.

THIRD QUARTER RESULTS ¹

Total Company sales for the third quarter of 2011 were $2.8 billion, a 2% decrease compared to the third quarter of 2010. Excluding sales related to dispositions and deconsolidation in the fourth quarter of 2010 and an acquisition in the first quarter of 2011, constant currency sales in the third quarter of 2011 decreased 3% compared to the same period in the prior year.

The Company reported net earnings, after preferred stock dividends, of $92 million or $0.28 per diluted share in the third quarter of 2011, compared to $32 million or $0.12 per share in the third quarter of 2010.

Third quarter 2011 results included approximately $6 million of charges primarily related to restructuring activities and other costs intended to improve efficiency and benefit operations in future periods, as well as a benefit from the reversal of approximately $99 million of combined tax and interest accruals for uncertain tax positions. Excluding these charges and the benefit from the reversal of accruals, the Company would have had a net loss, after preferred stock dividends, of about $700 thousand or zero cents per share in the third quarter of 2011. Reported earnings for the third quarter of 2010 also included significant tax and interest expense benefits that positively impacted earnings by $0.14 per share. Gross margin increased approximately 150 basis points in the third quarter of 2011 compared to the third quarter of 2010, with increases recognized in all Divisions.

Total Company operating expenses increased $15 million in the third quarter of 2011, when compared with the prior year. Total Company operating expenses in the third quarter of 2011, when adjusted for charges, foreign exchange, acquisition and dispositions, would have decreased by $1 million compared with the prior year.

Earnings before interest and taxes, adjusted for charges, of $30 million in the third quarter of 2011, compared to $20 million in the prior year period.

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The effective tax rate for the third quarter of 2011 was -139% compared to -155% for the same period in 2010. The third quarter of 2011 effective tax rate includes the reversal of $66 million in accruals for uncertain tax positions. The third quarter of 2010 effective tax rate includes tax benefits from the settlement of tax positions and filing adjustments of approximately $33 million.

“I’m pleased with the traction we’re getting in our North American businesses despite a lackluster U.S. economy,” said Neil Austrian, Office Depot’s Chairman and Chief Executive Officer. “The successful execution of our key business initiatives is beginning to move the needle.”

THIRD QUARTER DIVISION RESULTS

North American Retail Division

Third quarter 2011 sales in the North American Retail Division were $1.2 billion, down 4% from the prior year. Comparable store sales in the 1,108 stores that have been open for more than one year decreased 2% for the third quarter of 2011. The decline in comparable sales of computers and related products which began in the later part of the second quarter of 2011 continued during the third quarter and contributed significantly to the Division’s overall comparable sales decline. Positive comparable sales were reported in supplies, back-to-school essentials, Tech Depot Services and Copy and Print Depot. Furniture sales were essentially flat. Average order value was slightly negative and customer transaction counts declined approximately 2% compared to the same period last year. The decline in total sales for the third quarter also reflects the closing of stores in Canada during the second quarter of 2011.

The North American Retail Division reported an operating profit of approximately $42 million in the third quarter of 2011, compared to approximately $30 million in the same period of 2010. The increase reflects gross margin improvements from a higher sales mix of supplies and less technology products, better management of pricing and promotions, and lower property costs. These benefits were partially offset by the negative flow-through impact of lower sales, as well as higher expenses incurred during the quarter to fund key initiatives.

At the end of the third quarter of 2011, Office Depot operated 1,132 stores in the U.S. and Puerto Rico. The Division opened three new stores and closed two stores during the third quarter.

North American Business Solutions Division

Third quarter 2011 sales in the North American Business Solutions Division were $821 million, a 2% decrease compared to the third quarter of 2010. Average order value was flat and customer transaction counts were lower. Third quarter 2011 sales in the direct channel were flat, compared to the same period in 2010, while sales in the contract channel declined 3%, consistent with the declines experienced earlier in the year from customers not retained during the January 2011 transition to new public sector purchasing consortiums. Contract channel sales to large accounts and the Federal government increased, and sales to small- to medium-sized businesses decreased slightly. Sales of supplies, including paper and ink and toner, were lower, partially offset by increases in sales in the cleaning and break room categories.

The North American Business Solutions Division reported operating profit of approximately $39 million in the third quarter of 2011, compared to $25 million in the same period of the prior year. This increase reflects higher gross margins, operational improvements and expense management. Initiatives put in place in prior quarters to improve the Division’s overall cost structure contributed to lower distribution, advertising and payroll expenses.

International Division

Third quarter 2011 sales in the International Division were $783 million, reflecting an increase of 1% in U.S. dollars and a decrease of 7% in constant currencies compared to the third quarter of 2010. Excluding the revenue impact from the fourth quarter 2010 dispositions and deconsolidation, as well as

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the first quarter 2011 acquisition, constant currency sales were 2% lower than the comparable period of the prior year. The contract channel sales in constant currency increased overall with growth in the U.K. and Germany being partially offset from weakness in sales in the public sector in other European countries. Third quarter 2011 sales in the direct channel were lower across the Division. The retail channel sales decreased, excluding sales from the Division’s business in Israel that was divested in late 2010 and the first quarter 2011 acquisition in Sweden.

The International Division reported third quarter 2011 operating profit of approximately $19 million compared to $30 million in the same period of 2010. Included in this measure of Division operating profit is approximately $4 million of charges related to restructuring and process improvement activities. The charges primarily relate to severance and accrued lease costs, as well as costs incurred to drive process improvements. The remaining decline in Division operating profit reflects the negative flow-through impact of lower constant currency sales as well as the absence of earnings in 2011 from the Division’s divested business in Israel included in 2010 results. Also, certain pricing issues experienced in one European region during the first half of 2011 have improved but are not fully corrected.

The movement in exchange rates positively impacted operating profit in U.S. dollars by approximately $1 million for the third quarter of 2011 compared to the same period in 2010.

Other Matters

At the end of the third quarter of 2011, the Company had $766 million of availability under the Amended Credit Agreement and $453 million in cash and cash equivalents on hand, for a total of $1.2 billion in available liquidity.

Additional information on the Company’s third quarter 2011 results can be found in our Form 10-Q filed with the Securities and Exchange Commission on October 25, 2011. Additional information on the Company’s third 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.

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 1,656 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 58 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/.

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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.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(Unaudited)

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OFFICE DEPOT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

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OFFICE DEPOT, INC.

CONDENSED 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)

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OFFICE DEPOT, INC.

GAAP to Non-GAAP Reconciliations (Continued)

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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