OfficeMax Posts Profit, Lower Sales

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NAPERVILLE, ILL. —

OfficeMax reported a profit on lower total sales in its fiscal fourth quarter, ended Dec. 25, 2010.

Total sales were $1.76 billion in the quarter, a decrease of 2.4 percent from the prior year’s fourth quarter.

Net income for the quarter was $12.1 million, compared with a net loss of $3.24 million in the prior year’s fourth quarter.

Retail segment sales decreased 1.1 percent to $852.8 million in the fourth quarter of 2010, compared with the fourth quarter of 2009, reflecting a same-store sales decrease of 0.7 percent. A modest decline in same-store sales in the U.S. was mostly offset by stronger sales in Mexico.

Retail segment income was $18.9 million, or 2.2 percent of sales, in the fourth quarter of 2010, compared with a loss of $6.8 million, or 0.8 percent of sales, in the fourth quarter of 2009.

In the fiscal year sales were $7.15 billion, down from $7.21 billion in the prior year. Net income for the fiscal year was $68.6 million as compared with a net loss of $2.15 million in the prior fiscal year.

OfficeMax ended 2010 with a total of 997 retail stores, consisting of 918 retail stores in the U.S. and 79 retail stores in Mexico. During the fourth quarter of 2010, OfficeMax opened one retail store in Mexico and closed two retail stores in the U.S.

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