by Calculated Risk on 7/08/2008 02:00:00 AM

Press Release: Office Depot Issues Second Quarter Preliminary Outlook

Office Depot ... announced today that it continued to be negatively impacted by the challenging economic environment in the second quarter of 2008.

As a result of additional pressure from weakening business conditions in the second quarter, North American Retail same store sales decreased nearly 10 percent versus the prior year and total Company sales were down slightly.... as sales trends worsened late in the quarter.

... the Company anticipates the economic environment to be difficult over the balance of the year...
emphasis added

It's bad. And it's getting worse ("sales trends worsened late in the quarter").