OfficeMax Q2 income remains constant

1 August 2007 — Naperville (IL): OfficeMax has reported Q2 net income of $27.4 million, or diluted EPS of $0.35, matching the figures reported for the same quarter a year earlier. Q2 sales were $2.13 billion, compared to $2.04 billion a year earlier.

Contract segment sales increased by 4.4 percent to $1.2 billion, compared to Q2 2006, and segment operating income fell to $41 million from $44.4 million last year.


Retail segment sales rose by 4.6 percent to $935.3 million, compared to last year, and same-store sales increased by 1.6 percent. Operating income was up from $18.2 million in Q2 2006 to $24.7 million.


The company’s corporate and other segment, which includes support staff services and certain other expenses not fully allocated to the retail and contract segments, saw a reduction in operating expense to $9.8 million, compared to $14.1 million a year earlier.


Sam Duncan, chairman and CEO, said: "Our results for the second quarter showed progress in many areas, but aspects of our businesses remain opportunities for improvement. In our contract segment, operating margin contracted from lower-margin sales in spite of the benefit of some expense leverage. In our retail segment, positive same store sales, expanded gross margins and cost containment delivered operating income margin improvement."


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