Office Depot (NYSE: ODP) is expected to report Q2 earnings around July 30. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Office Depot's revenues will shrink -3.2% and EPS will remain in the red.

The average estimate for revenue is $2.43 billion. On the bottom line, the average EPS estimate is -$0.09.

Revenue details
 Last quarter, Office Depot booked revenue of $2.72 billion. GAAP reported sales were 5.4% lower than the prior-year quarter's $2.87 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.00. GAAP EPS were -$0.06 for Q1 versus $0.14 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 24.3%, 10 basis points better than the prior-year quarter. Operating margin was 1.4%, 10 basis points worse than the prior-year quarter. Net margin was -0.2%, 190 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $10.38 billion. The average EPS estimate is $0.02.

Investor sentiment
 The stock has a one-star rating (out of five) at Motley Fool CAPS, with 481 members out of 608 rating the stock outperform, and 127 members rating it underperform. Among 179 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 143 give Office Depot a green thumbs-up, and 36 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Office Depot is hold, with an average price target of $4.48.

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