OfficeMax reports sales recovery

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22 February 2007 — Naperville (IL): OfficeMax’s Q4 net income increased to $58 million, or diluted EPS of $0.76, compared with a net loss of $43.1 million, or a loss of $0.62 per diluted share, in 2005.

Net income for the full year increased to $91.7 million, or diluted EPS of $1.19, compared with a net loss of $73.8 million, or $0.99 per diluted share, in the previous year.

 

"The fourth quarter and full year 2006 represented significant improvement for OfficeMax", said Sam Duncan, chairman and CEO. "We delivered on our turnaround plan goals with solid operating income margin expansion in both our Contract and Retail segments."

 

OfficeMax’s contract segment sales fell 3.5 percent during Q4 but rose by 1.9 percent for the full year, compared to the fourth quarter and full year 2005 respectively.

 

OfficeMax retail segment same-store sales fell by 0.4 percent in Q4 but increased by 0.1 percent for the full year 2006.
Excluding special items, Retail segment Q4 operating increased to $42.3 million from $22.4 million last year.

 

Last week, Office Depot reported Q4 total company sales of $3.8 billion, up three percent compared to a year earlier and annual sales of $15 billion, an increase of 5 percent from the prior year.

 

Earlier this month, Buhrmann’s latest financial results revealed that Corporate Express (CE) North America’s Q4 sales fell to €763.6 million ($991.6 million) from €809.8 million a year earlier. And for the year, the division’s organic sales grew by only 1 percent from €3.04 billion in 2005 to €3.18 billion.