Retailers rise but Office Depot misses the boat

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NEW YORK (MarketWatch) -- Shares of retailers were mostly higher on Friday, with the notable exception of Office Depot , which fell sharply after it said it has to restate financial results for the full year 2010. The retail stocks in the S&P 500, as a sector, rose 0.6%. Shares of Office Depot fell 13%. Office Depot said Thursday it is restating full year 2010 financial results to a loss, from a profit. It said it is restating results because the Internal Revenue Service has, "denied its claim to carry back certain tax losses to prior tax years under economic stimulus-based tax legislation enacted in 2009,." It said the decision, "reduces full-year tax benefits by about $80 million, changes net earnings for 2010 from $33 million to a net loss of $46 million and increases the net loss attributable to common shareholders from $2 million or $0.01 per share to $82 million or $0.30 per share."

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