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Office Depot warns on sales
NEW YORK DEC 07 – Office Depot Inc the No. 2 U.S. office supply chain, said on Tuesday sales would remain challenging in early 2008 and that second-quarter same-store sales could be close to flat.The retailer also said in a regulatory filing that it sees sales at its North American Business Solutions unit beginning to improve on a year-over-year basis in the first half of 2008.Last week the company said it expected fourth-quarter sales and earnings to fall as housing-related struggles spread into more of its markets.In order to lure the North American small business owners who are among its key customers, Office Depot said it would extend lower entry price points to them.The company also said it would offer a low price guarantee that includes matching competitors’ prices on identical products, and it disclosed plans to expand its private label brand.Sales at office supply chains, including industry leader Staples Inc (SPLS.O: Quote, Profile, Research), have ebbed in recent quarters as slowing job growth, the weak U.S. housing sector and credit market worries have led many small businesses to cut spending.Shares of Office Depot, which have plunged 65.6 percent in the last year, were down 19 cents, or 1.35 percent, to $13.90 in midday trading on the New York Stock Exchange.
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