OfficeMax 4Q sales down, FY sales up

NAPERVILLE, Ill. OfficeMax today reported that total sales for its fourth quarter decreased 2.6% to $2.2 billion compared to the fourth quarter of 2006. Total sales for the full year 2007 increased 1.3% to $9.1 billion compared to the full year 2006.

Net income for the fourth quarter increased to $71.5 million, or 92 cents per diluted share, from $58 million, or 76 cents per diluted share, last year. Net income for the full year 2007 increased to $207.4 million, or $2.66 per diluted share, compared with net income of $91.7 million, or $1.19 per diluted share, reported in 2006.

"We demonstrated progress on our turnaround plan in the fourth quarter and for the full year 2007," said Sam Duncan, chairman and ceo of OfficeMax. "In the fourth quarter, we were able to generate further operating income margin improvement, while we navigated a weaker economic environment."

"For the full year 2007, by lowering costs and managing margins, we enabled operating income margin expansion and bottom-line earnings growth," Duncan aded.