‘Max shares see surge

28 April 2006 – Itasca (IL): Shares at OfficeMax were at six-year highs yesterday, gaining as much as 17 per cent as the retailer turned in a Q1 profit of $55.7 million excluding store closure and other items, compared with $17.7 million last year.

Including the costs from the closure of more than 100 stores, OfficeMax posted a loss of $25.1 million, or $0.37 per share, compared to a loss of $5.3 million, or $0.07 per share, a year earlier.

Shares closed at $38.49 on the NYSE after rising to $39.15 earlier in the session.