OfficeMax posts 2Q loss, outlook cautious

NAPERVILLE, Ill. OfficeMax reported that total sales for the second quarter were $1.7 billion, a decline of 16.5% from the second quarter of 2008. For the second quarter of 2009, OfficeMax reported a net loss available to OfficeMax common shareholders of $17.7 million, or 23 cents per diluted share.

OfficeMax retail segment sales decreased 11.1% to $776.2 million in the second quarter of 2009 compared to the second quarter of 2008, reflecting a same-store sales decrease of 11.6% (a same-store sales decrease of 10.3% in local currencies), partially offset by sales from new stores. According to the company, retail same-store sales for the second quarter of 2009 declined across all major product categories primarily due to weaker small business and consumer spending, unfavorable Mexican Peso exchange rates, and the Swine Influenza A/H1N1 epidemic in Mexico.

OfficeMax said it remains cautious in its expectations for the second half of 2009. The company expects sales to decline in the second half of 2009 on a year-over-year basis due to the difficult economic environment. As a result, OfficeMax expects continued deleveraging of costs and expenses for the remainder of 2009.