OfficeMax swings to loss in Q2, more closures planned
Naperville, Ill. -- OfficeMax reported Tuesday that it swung to a loss of $3.02 million in the quarter ended June 25, compared with net income of $11.8 million in the year-ago period.
Total sales dipped 0.3% to $1.648 billion from $1.653 billion, but beat Wall Street expectations of $1.63 billion. In the retail segment, sales decreased 0.7% to $767.3 million from $772.7 million. Same-store sales dipped 0.5%, but results were helped somewhat by stronger same-store sales in Mexico.
“We remain focused on executing the fundamentals better, enhancing the management team and improving the operations of the business," commented Ravi Saligram, president and CEO.
During the quarter, OfficeMax closed eight stores in the Unite States. This year, plans call for one store opening and as many as 20 store closures in the United States, and eight to 10 store openings in Mexico.