What happened Shares of Office Depot (NASDAQ: ODP) fell 33.9% in April, according to data from S&P Global Market Intelligence, after the office supply retailer provided weaker-than-expected preliminary results. Office Depot stock plunged nearly 24% on April 4 alone, the first trading day after it warned first-quarter 2019 revenue would arrive at roughly $2.76 billion -- below the $2.83 billion most analysts were modeling -- translating to a roughly 30% decline in adjusted operating income to $65 million. IMAGE SOURCE: GETTY IMAGES. So what Those preliminary estimates weren't far off the mark -- if a little too pessimistic. When Office Depot released its official first-quarter results yesterday morning (May 8), it showed revenue had tumbled around 2% year over year to $2.77 billion, while adjusted operating income fell 28% to $67 million. Office Depot CEO Gerry Smith rightly called the quarter "disappointing," primarily blaming weakness from their CompuCom division, where revenue slipped 4% and resulted in a $15 million operating loss. Now what "We are taking decisive actions and making numerous improvements in our sales and operational processes to place this business back on-target with its long-term expectations," Smith added. "That said, our strategy remains compelling and we are steadfast in our plan to transform Office Depot into a leading provider of business products and services through our world-class integrated distribution platform." More specifically, Office Depot is implementing an accelerated cost-reduction and business-improvement program, through which it expects to generate at least $40 million of savings this year and over $100 million in annualized savings thereafter. But those savings won't come cheap: Office Depot expects to incur around $85 million in severance and related employee costs for the remainder of fiscal 2019, as well as $110 million in total costs to implement the plan through 2021. In the meantime, Office Depot now expects fiscal 2019 revenue of $10.8 billion to $10.9 billion, marking a reduction from its previous guidance for $11.1 billion. Given that weak start to the year, it should be no surprise to see Office Depot stock flirting with its 52-week low today. 10 stocks we like better than Office DepotWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Office Depot wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of March 1, 2019Steve Symington has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source