Office Max Turns Profit In Second Qtr.

By Steve Smith On Aug 2 2012 - 2:51pm

Naperville, Ill. - Office Max turned a profit in its fiscal second quarter, ended June 30, but reported lower sales in its retail operation.

Net income was $10.7 million, compared with a net loss of $3 million in the second quarter of 2011. Operating income was $23.1 million, compared with $4 million in the prior year.

Total sales were $1.6 billion, a decrease of 2.7 percent from the second quarter of 2011.

Retail segment sales decreased 5.7 percent to $723.6 million in the quarter compared with the prior year, reflecting a same-store sales decrease of 1.8 percent, due to unfavorable foreign currency translation and reduced store transactions.

Retail segment income was also lower -- $2.8 million in the quarter -- compared with $8 million a year ago.

OfficeMax ended the second quarter of 2012 with a total of 957 retail stores: 872 stores in the U.S. and 85 in Mexico. During the second quarter of 2012, OfficeMax opened two stores in Mexico, and closed two stores in the U.S. and one in Mexico.