May 20 (Bloomberg) -- Staples Inc. slid as much as 12 percent in early trading after forecasting second-quarter profit that was less than analysts estimated.
The shares dropped as low as $11.80 at 7:20 a.m. in New York. Framingham, Massachusetts-based Staples had fallen 16 percent this year through yesterday.
Profit per share in the quarter through July will be 9 cents to 14 cents, the company said today in a statement. The average of 16 analysts’ estimates compiled by Bloomberg was 15 cents.
Staples is shutting 225 stores to trim costs amid rising competition from Amazon.com Inc. and sluggish demand for office supplies. The company also has been facing a larger non-Internet rival since Office Depot Inc. bought OfficeMax Inc. in November.