Office suppliers see shares drop during 3Q

For the quarter ending Sept. 30, shares of OfficeMax Inc., Office Depot Inc., and Staples Inc. all look to end the three-month period lower.

OfficeMax, based in the Chicago suburb of Itasca, saw its stock price fall nearly 40 percent during the quarter. On Tuesday, the company's shares continued to tumble, falling about 14 percent to a new low of $8.19.

Shares of Delray Beach, Fla.-based Office Depot took an even worse hit during the quarter, falling more than 48 percent. In Tuesday afternoon trading, shares edged up 5 cents to $5.73.

Staples, based in Framingham, Mass., fared the best of the group, losing only about 8 percent of its stock value in the third quarter. Shares recently traded up a penny to $21.75.

The Commerce Department reported earlier this month that retail sales dropped by 0.3 percent during the back-to-school shopping season, in line with forecasts. But stripping out strong auto sales, sales at all other merchants fell by 0.7 percent, the worst showing since December as squeezed consumers opted for cheaper school supplies and electronics.