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OfficeMax Q1 profit falls 53%
Naperville, Ill. -- OfficeMax said Thursday that its net income dropped 53% in the first quarter.
Net income fell to $11.9 million from $25.4 million. Revenue fell 2.8% to $1.86 billion, though it beat analysts' estimates
The company blamed bad weather, store discounts and "an unfavorable product sales mix shift" in the technology department. Revenue from direct sales to business customers fell more steeply than revenue in stores.
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OfficeMax names president of retail
Naperville, Ill. -- OfficeMax announced that Michael J. Lewis will assume the role of executive VP and president of retail, effective May 2. He will have full responsibility for the retail P&L and all aspects of the retail business, including merchandising, store operations and real estate.
Most recently, from 2010 to early 2011, Lewis served as global head of a merchandising center for Wal-Mart Stores,