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