And the bad news continues for the retail sector. On August 9, Office Depot Inc. (NASDAQ:$ODP) announced that Q2 net profit dropped to $24 million (5 cents a share) from $210 million (38 cents a share) in the 2016 period. Not including non-recurring items, adjusted EPS came in at 6 cents, which missed the FactSet consensus of 8 cents.

Further, Office Depot revenue dropped to $2.36 billion from $2.58 billion, which just missed the FactSet forecast of $2.44 billion. Additionally, same-store sales for both retail division and business solution divisions dropped 6% from 2016.

For the current year, the office supply retailer, forecasts total sales to be “lower” than last year. Why? Primarily because of store closures, continued market condition challenges, and contract customer losses.

Year to date through Tuesday, Office Depot stock has increased 35%.

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Author Caroline Harris

About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.