*NEWS*OFFICEMAX Q2 MOVES INTO THE RED

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*NEWS*OFFICEMAX Q2 MOVES INTO THE RED

 user 2005-09-10 at 11:18:00 am Views: 88
  • #12705

    OfficeMax Q2 moves into the red

    OfficeMax has reported a Q2 net loss of $21.5 million compared with net income of $51.1 million in the same quarter last year.
    Q2 sales fell to $2.091 billion from $3.401 billion a year earlier.
    Chairman and CEO Sam Duncan said: “While our contract segment showed
    strength, overall we are disappointed in the second quarter results,
    which were impacted both by the normal seasonal decline and by some
    weakness in our retail segment due in part to our re-merchandising
    initiative focused on the small business customer.”
    Meanwhile, the compny has confirmed that it will consolidate its
    headquarters in Illinois following talks with officials in both
    Illinois and Cleveland. Both regions offered the retailer financial
    incentives, according to a report in the Chicago Tribune.
    Duncan said: “While our review resulted in the selection of Illinois,
    the decision was a difficult one. OfficeMax values the support that we
    have received in Ohio throughout the development and growth of our
    company and we remain committed to Ohio in our retail and contract
    businesses.”
    The selection of a Chicago site is expected to be finalised by the end of the month
    .