Text: letterspacing without stretching letters?

I need to match a logo and items in a logo.  I have found a close match and downloaded the font, but I now need to "air it out" to match the original.  If I stretch it, the letters stretch accordingly, which is not wanted!  The O should remain an ellipse and not turn into a widening oval.

I went to Object Properties and increased the spacing numerically, thinking THIS was going to achieve what I need, but the same thing happened as when I manually stretched it!  What is THAT all about?  What's the point of having two ways to do the same thing, and no way to do what I need?

Does anyone have an answer?  Of course, this needs to be finished by this afternoon....

Please help!