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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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