Staples Inc. (NASDAQ: SPLS) must have forgotten how to tell people they have an “Easy Button.” The office supplies leader is out with yet another dismal earnings report. Hopefully this level of negativity can mark a bottom, but investors have to be wondering if Staples can ever have a decent earnings report in the future.

The company’s message is that results were in line with its own expectations despite the weather. The company also wants to build momentum throughout 2014. The reaction to the report shows that investors and traders alike see it differently.

Earnings were reported as $96.2 million, or $0.15 per share. This compares to $169.9 million, or $0.26 per share, a year ago. If you back out charges for this past quarter, Staples said its earnings would have been $0.18 per share. Thomson Reuters had a consensus of $0.21 per share. Total sales were down by almost 3% to $5.65 billion, and quarterly same-store sales were down 4%. The consensus estimate was $5.61 billion.

Guidance is where the real trouble is. Staples is targeting the coming quarter earnings to be $0.09 to $0.14 per share. Thomson Reuters was looking for $0.15 in earnings per share. Sales are also forecast to be negative.

Staples updated its store closures, after telegraphing earlier this year that some 225 stores would be closed. It has closed 16 stores so far and has completed its plans to close another 80 of them in the coming quarter. Staples will also post charges of $105 million to $155 million in the second quarter as well. Those restructuring costs will be $240 million to $360 million for the full year.

Staples shares were trading at $13.39 before earnings, with a 52-week range of $11.04 to $17.30. Unfortunately, Staples shares were indicated down another 10% to $12.04 on a very unusual 3+ million shares even before the open. Staples trades more than 11 million shares on an average trading day.

If you want to know just how bad this situation has become, Staples shares are lower than they were at the start of 2010, when they were up around $24. In fact, Staples is now much lower than it was at the peak selling during the recession, when shares hit a low of $14.35 in March of 2009.

Apparently, only short sellers have found that “Easy Button.”

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