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OfficeMax Reports Lower Sales, Loss

8/02/2011 09:39:35 AM Eastern

Naperville, Ill. -
OfficeMax reported lower sales and a net loss in its fiscal second quarter,
ended June 25.

Total sales were
$1.65 billion in the second quarter of 2011, a decrease of 0.3 percent from the
second quarter of 2010. The chain reported a net loss available to OfficeMax
common shareholders of $3 million, compared with a net income of $12.4 million
in the prior year's fiscal second quarter.

Ravi Saligram, president/CEO
OfficeMax, said, "We continued to experience top-line softness as a result of
the difficult macroeconomic environment but have made progress on gross margin
initiatives. We remain focused on executing the fundamentals better, enhancing
the management team and improving the operations of the business."

Retail segment
sales decreased 0.7 percent to $767.3 million in the second quarter of 2011
compared with the second quarter of 2010, reflecting a same-store sales
decrease of 0.5 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 $8 million, or 1 percent of sales, in the second quarter of 2011, compared with
$13.9 million, or 1.8 percent of sales, in the second quarter of 2010.

OfficeMax ended
the second quarter of 2011 with a total of 983 retail stores -- 904 stores in
the U.S. and 79 stores in Mexico. During the second quarter of 2011, OfficeMax
closed eight U.S. stores.

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