Office Supplies Stocks Falling (SPLS, ODP, OMX)

Several office products suppliers stocks have opened down after No. 1 office-supplies retailer Staples Inc. provided a lower than expected forecast.

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Staples, Inc. (NASDAQ:SPLS) plunged over 7% to $24. The company said that its Net income in the recent quarter fell to $233.9 million, or 32 cents a share, from $286 million, or 40 cents, a year earlier. However, Sales grew 4% to $6.41 billion.

Excluding the impact of settling retail wage lawsuits, integration and restructuring expense tied to Corporate Express the company said it would have earned 38 cents a share.

Analysts were expecting the company to report earnings of 39 cents a share on revenues of $6.30 billion.

The company forecast first-quarter profit of 25 cents to 27 cents a share, excluding a 3-cent integration and restructuring charge, with sales increasing in the mid single digit percentage. Adjusted profit for the year is expected to be $1.23 to $1.33 a share.

Analysts, on average, estimated Staples would earn 26 cents in the first quarter, and $1.40 for this year, according to FactSet.

Office Depot, Inc. (NYSE:ODP) also fell 2.50% to $7.40.

OfficeMax Incorporated (NYSE:OMX) declined 2.60% to $16.20.

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