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OfficeMax Posts Higher Sales, Income

10/27/2011 12:31:10 PM Eastern

Naperville, Ill. - OfficeMax reported lower sales but a
higher net income in its fiscal third quarter, ended Sept. 24.

Total sales were $1.8 billion
in the third quarter of 2011, a decrease of 2.1 percent from the third quarter
of 2010. OfficeMax reported net income available to OfficeMax common
shareholders of $21.5
million, up from $20 million in the prior year's fiscal third
quarter.

Adjusted operating income was $41.3 million, up from the
prior year's $40.9 million.

"In the quarter, we maintained our profit margins in a tough
economic climate and a soft back-to-school season," said Ravi Saligram,
president/CEO of OfficeMax. "With our new senior management team largely
in place, we remain focused on driving operational efficiencies as we position
the company for long-term growth."

Retail segment sales decreased 4.8 percent to $891.5 million
in the third quarter of 2011, compared with the third quarter of 2010,
reflecting a same-store sales decrease of 4.3 percent. A decline in same-store
sales in the U.S. was partially offset by stronger same-store sales in Mexico.

Retail segment income was $28.5 million, or 3.2 percent of
sales, in the third quarter of 2011, compared with $32.4 million, or 3.5
percent of sales, in the third quarter of 2010.

OfficeMax ended the third quarter of 2011 with a total of
983 retail stores, consisting of 900 retail stores in the U.S. and 83 retail
stores in Mexico. During the third quarter of 2011, OfficeMax opened four retail
stores in Mexico and closed four retail stores in the U.S.

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