OfficeMax Posts Q2 Profit

TWICE Staff -- TWICE, 8/3/2010

Naperville, Ill. - OfficeMax today reported a net income of $11.8 million on sales of $1.65 billion for its second quarter, ended June 26.

Sales were down slightly, 0.3 percent, compared with the same period last year during which the company posted a loss of $17.7 million.

Sam Duncan, OfficeMax chairman and CEO, attributed the growth to the company's continued discipline and margin expansion.

However, the remainder of 2010 may not be as bright as the second quarter. Bruce Besanko, Officemax chief financial officer, said continued tough economic conditions will negatively impact the third quarter and the remainder of 2010. Sales for the year will be flat to slightly lower than 2009, he said.