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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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Walmart testing grocery delivery service
Regional supermarket chains that offer grocery delivery services may soon have some competition from Walmart if its program is expanded nationwide. According to several reports including one in The Wall Street Journal and another in The New York Times, Walmart is testing its Walmart To Go service in San Jose, Calif.