OfficeMax (OMX), Office Depot (ODP) Thrown Out with the Staples-Water

With dismal results and outlook from market leader Staples (Nasdaq: SPLS), office supply store rivals OfficeMax (NYSE: OMX) and Office Depot (NYSE: ODP) are getting caught up in the downdraft.

Staples reported Q2 EPS of $0.22, in-line with the analyst estimate of $0.22. Revenue came in $5.5 billion, missing the consensus estimate of $5.73 billion. Including the impact of the 53rd week in fiscal 2012, as well as the unfavorable impact of foreign currency exchange rates, the company expects full year sales to be flat compared to the prior year and full year diluted earnings per share to increase in the low single-digits versus adjusted diluted earnings per share of $1.37 achieved in 2011.

Staples is down 16 percent, while OfficeMax (NYSE: OMX) is down 4 percent and Office Depot (NYSE: ODP) 3 percent.

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