OfficeMax sees slight 3Q comps growth

NAPERVILLE, Ill. OfficeMax today announced that total sales for its third quarter increased 3.2% to $2.3 billion compared to $2.2 billion in the third quarter of 2006. Net income increased to $49.9 million, or 64 cents per diluted share, in the third quarter of 2007 from $31.4 million, or 41 cents per diluted share, in the third quarter of 2006.

OfficeMax retail segment sales increased 4% to $1.1 billion in the third quarter of 2007 compared to the third quarter of 2006, reflecting the impact of new stores and same-store sales increase of 0.8%. Retail same-store sales in the third quarter of 2007 were favorably impacted by same-store sales growth in technology categories and ImPress, partially offset by same-store sales declines in core office supplies and furniture categories.

Sam Duncan, chairman and ceo of OfficeMax, said "In our retail segment, operating margin declined primarily due to a category mix shift toward lower margin product sales that we could not offset with cost controls within the quarter. We continue to adjust our retail promotional strategies and pursue other cost containment measures to improve our retail operating margin."