ACCO Brands reported a seasonally quiet QQ1 2025, with revenue of $317.4 million and a net loss of $13.2 million (-$0.14 per share). On a reported basis, sales declined 12% and were down 8% on a comparable basis excluding foreign exchange, driven by softer discretionary demand across consumer and business channels. Management highlighted a 60-basis-point gross-margin expansion driven by favorable product mix and ongoing cost-reduction actions, including more than $7 million of savings realized in the quarter as part of the $100 million multiyear cost-reduction program. The company continued to execute on its China plus one strategy to de-risk tariffs, temporarily building inventories and accelerating production outside China, while signaling price actions in North America to preserve margins. Despite near-term headwinds, ACCO remains focused on portfolio expansion (ergonomics and seating via ANZ acquisition, Switch 2.0 and other new products), channel expansion, and accelerated SKU rationalization to support medium-term margin targets.