Office Depot (NYSE:ODP) falls sharply after reporting a 6% drop in comparable sales for Q2. Traffic fell and the average order size at ODP stores fell back.
Management said that despite the "competitive pressures" in the sector YTD operating income is ahead of last year's pace.
The company closed 31 stores during the quarter as it focused on profitability.
Shares of Office Depot are down 23% on heavy volume to effectively erase what had been a gentle 6-month uptrend.
Previously: Office Depot misses by $0.02, misses on revenue (Aug. 9)
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