Two office supplies retailers have experienced tumbling sales and profits in their first quarter.
Office Depot revealed a net loss of $55m (£36.4m) compared with profits of $69m (£45.7m) last year. Total sales plummeted 19 per cent to $3.2bn (£2.12bn). Like-for-likes in its retail division declined 17 per cent, as consumers reduced spending and the 1,064-store retailer reduced ad spend.
Sales at OfficeMax slumped 17 per cent to $1.9bn (£1.26bn) in the first quarter, while earnings slumped from $62.4m (£41.4m) to $13.1m (£8.7)Like-for-like sales at its retail arm fell 12.7 per cent. OfficeMax operates more than 900 stores.