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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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Safeway Q1 profit falls on tax charge
Pleasanton, Calif. -- Taxes related to Safeway's effort to pay down debt reduced its first-quarter net income, but the company's adjusted results beat Wall Street's expectations as its revenue rose, the Associated Press reported.
The company earned $25.1 million for the quarter, compared with $96 million a year earlier. This includes a tax charge related to a plan to pay down its U.S. debt with part of a $1.1 billion dividend in cash and debt from its Canadian operations.