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NEW YORK (

TheStreet

) --

OfficeMax

(OMX)

is tanking after its first-quarter profit plunged 54%.

The office supply retailer also foresees flat sales in its second quarter, sending share tumbling 14.5% to $10.67 in morning trading.

During the quarter, profit fell to $11.4 million, or 13 cents a share, from $24.8 million, or 29 cents, in the year prior. Sales dropped 2.8% to $1.86 billion, while same-store sales dipped 1.2%.

Analysts were calling for a much higher profit of 27 cents a share on revenue of $1.86 billion.

OfficeMax said it plans to shutter 15 stores in the U.S. this year.

This comes just days after rivals

Office Depot

(ODP) - Get ODP Corporation Report

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also reported lackluster results. The company swung to a surprise loss, but on an adjusted basis earnings per share were break even.

Office Depot's sales declined 3% to $2.97 billion, with North American sales down 2% to $1.3 billion. Same-store sale slipped 1%.

Office Supple are often used as a gauge of the economy since they are closely tied to small businesses and employment.

--Written by Jeanine Poggi in New York.

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