OfficeMax (OMX) and Staples (SPLS) Fall on Weak Office Depot (ODP) Outlook
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Shares of OfficeMax (NYSE: OMX) and Staples (Nasdaq: SPLS) are down 4.5% and 3.4%, respectively, after rival Office Depot, Inc. (NYSE: ODP) provided a weak Q2 outlook.
Office Depot said as a result of additional pressure from weakening business conditions in Q2, North American Retail comparables fell 10% versus the prior year and total sales were down slightly. Office Depot anticipates its EBIT margin to have declined for Q2 by 200 basis points more than the 200-250 bps decline previously indicated on a year-over-year basis as sales trends worsened late in the quarter.
Office Depot said as a result of additional pressure from weakening business conditions in Q2, North American Retail comparables fell 10% versus the prior year and total sales were down slightly. Office Depot anticipates its EBIT margin to have declined for Q2 by 200 basis points more than the 200-250 bps decline previously indicated on a year-over-year basis as sales trends worsened late in the quarter.
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