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OfficeMax profit drops in Q4, plans store closures
Naperville, Ill. -- OfficeMax Inc. reported Thursday that net income for the quarter ended Dec. 31 dropped to $2.9 million, from $32.8 million a year earlier.
Sales edged up 3.9% to $1.8 billion in the quarter, but dipped 0.4% to $7.1 billion for the full year. Profit for the year was $32.8 million.
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Investors want to know whether the U.S. momentum is for real
Walmart’s U.S. stores regained customer traffic during the fourth quarter and president and CEO Mike Duke said the company had a great Christmas, but it didn’t feel that way to investors who couldn’t dump shares of the company fast enough after earnings were released on Tuesday.
Total company sales for the quarter increase by 5.8% to $122.3 billion and profits from continuing operations increased 3.4% to nearly $5.2 billion while earnings per share increased 7.5% to $1.44 from $1.34 if one time gains are excluded from both reporting periods.