OfficeMax profit edges up in Q3 amid declining sales

Naperville, Ill. -- OfficeMax reported Thursday that net income for the quarter ended Sept. 24 rose to $21.5 million, compared with $20 million in the year-ago period.



Sales dipped 2.1% to $1.77 billion from $1.81 billion, barely meeting Wall Street’s expected $1.807 billion. Same-store sales dropped 4.3%.



“We remain focused on driving operational efficiencies as we position the company for long-term growth," said Ravi Saligram, president and CEO, OfficeMax.



In the retail segment, sales decreased 4.8% to $891.5 million, reflecting a same-store sales decrease of 4.3%. A decline in same-store sales in the United States was partially offset by stronger same-store sales in Mexico.



During the quarter, OfficeMax opened four stores in Mexico and closed four in the United States. For the rest of the fiscal year, the company said it plans to further reduce its store count with about 20 store closures in the United States and two in Mexico. OfficeMax said it will open seven stores in Mexico yet this year.