/PRNewswire/ -- OfficeMaxÃ® Incorporated (NYSE:OMX), a leading provider of office and facility supplies, technology and services, today announced that Bruce Besanko, executive vice president and...
Naperville, Ill. -- OfficeMax swung to a fourth-quarter profit as the company retailer continued to cut costs, though sales declined in both its contract and retail segments. OfficeMax reported earnings of $12.7 million, compared with a year-earlier loss of $2.58 million. Revenue decreased 2.4% to $1.77 billion. The chain expects sales to be flat for 2011. “To date in 2011, we have experienced a variety of challenges for our business including adverse weather conditions, heightened promotional activity, and a lack of favorable economic conditions, and we anticipate that some of these challenges may persist," CFO Bruce Besanko said. For
NEW YORK -- Office-supplies retailer OfficeMax Inc. swung to a second-quarter profit of $11.8 million, or 14 cents a share, from a loss of $17.7 million, or 23 cents, a year earlier. Sales fell slightly to $1.653 billion from $1.658 billion, the Naperville, Ill.-based company said on Tuesday. Excluding non-recurring items, the company said it would have earned 12 cents a share. Analysts, on average, estimated OfficeMax to break even on sales of $1.67 billion, according to FactSet. "We expect to face headwinds in the second half of the year including challenging global macroeconomic conditions and continued weak U.S.