NEW YORK ( TheStreet) -- Retail stocks are in the red after consumer confidence hits a new five-month low. The S&P Retail index is tumbling 1.7% to 408.57, as the Conference Board's consumer confidence index dropped to 50.4 in July from 54.3 in June, missing economists' estimates of 51. Office Depot ( ODP) is leading the pack, selling off 6.3% to $4.43 in afternoon trading. The office supply retailer reported this morning a narrower first-quarter loss to $18.7 million, or 7 cents a share, compared with a loss of $82.6 million, or 31 cents, in the year-ago period. Analysts were calling for a loss of 17 cents a share. While EPS topped forecasts, sales fell short of expectations, as demand both domestically and internationally remained weak. Sales declined 4.3% to $2.7 billion, while same-store sales slipped 1%. Women's apparel retailer Chico's ( CHS) is plunging 9.4% to $9.36, hitting a new 52-week low earlier in the afternoon, a day after Goldman Sachs added it to its conviction sell list. Chico's "has been through a major turnaround since early 2009 thanks to new management that has capitalized on big cost, process and product opportunities," analyst Michelle Tan wrote in a note. "However as these improvements are being lapped, we see notable risk that momentum slows faster than investors anticipate." Teen retailer rue21 ( RUE) is sinking 5.6% to $29.93 ahead of its second-quarter earnings report due out after the close. Analysts are calling for earnings of 26 cents a share on revenue of $152.6 million.