OfficeMax swings to profit in Q2

Naperville, Ill. OfficeMax reported Tuesday that it swung to a higher-than-expected profit for the quarter ended June 26. The office supplies retailer posted net income of $11.8 million, compared with a loss of $17.7 million in the year-ago period.

Revenue dipped to $1.65 billion from $1.66 billion last year. Same-store sales edged down 0.3%.

Wall Street expected revenue of $1.67 billion.

OfficeMax CFO Bruce Besanko said the company continues to deal with the uncertain economy and weak U.S. employment and expects third quarter revenue to be slightly lower than the prior year's third-quarter revenue of $1.8 billion. Analysts expect $1.86 billion.

"While the economy appears to be recovering more slowly than we had previously expected, we are well positioned to achieve our 2010 and long-term financial objectives," said CEO Sam Duncan.

OfficeMax currently operates about 1,001 retail stores, including 923 in the United States and 78 retail stores in Mexico.