50 basis point drop along with the rest of the data suggest a shift rather than a cyclical trough. I will wait and see on this one.
AMZN may not be much threat right now, but as they build the same day delivery model they will be a force to recon with...this is an untapped segment of the market (for AMZN) that they will go after. Staples is going to have to get creative and fast. This will of course not happen before some consolidation in the office supply industry.
Good Luck. Could be a value play short-term but not discounted enough for me righ now.