Office Depot tumbles; sector tracks market moves NEW YORK (MarketWatch) - Shares of office supplies retailers led by Office Depot Inc. traded lower Tuesday while rest of the sector followed broader market moves. Office Depot shares declined 19%. The Delray Beach, Fla., office-supplies retailer said Tuesday that "pressure from weakening business conditions" pushed down second-quarter North American same-store sales nearly 10%. Sales trends that worsened late in the quarter shrank the company's profit margin based on earnings before interest and taxes by 2 percentage points more than its previous projection of a decline of 2 to 2.5 percentage points. Office Depot expects the economy to be "difficult" for the rest of 2008 but also expects profit margins to improve sequentially in the third and fourth quarters. Larger rival...
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