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Maybe Office Depot just needs to log in more of its sales on its Web site. (Source: NBCuniversal) Sellers of paper clips, Post-It notes and staple removers were getting hit after Office Depot said weaker business conditions are hurting revenue — knocking down same-store sales in the U.S. by 10% for the quarter. Credit Suisse analysts were harshest, referring to the news as “one of the least surprising misses of the year,” saying that the company “seems not only to be headed on a downward spiral but also refuses to admit it.” The company’s shares soared in 2005 and 2006 but have been declining rapidly since late 2007, and hit a 52-week low today. It wouldn’t be comforting that economic conditions have worsened to a point that consumers and businesses are forgoing purchases of five-subject notebooks, but the majority of... [read full story]
