OFFICEMAX SALES OF $ 9.1BILLION IN 2007

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OFFICEMAX SALES OF $ 9.1BILLION IN 2007

 user 2008-02-19 at 11:58:00 am Views: 42
  • #21021

    Max profits up despite sales pressure
    February 2008 – Naperville (IL), USAOfficeMax has said that its adjusted net profits for 2007 increased by 18 percent despite a drop in comparable sales in its retail and US contract operations.Overall sales rose by 1.2 percent to $9.1 billion thanks to new store openings, but comparable retail sales were down by 0.5 percent, while contract sales in the US fell by 1.2 percent.

    Furthermore, the sales drop was far more pronounced in the fourth quarter. Same-store retail sales slid by 7.3 percent in the quarter, with US contract sales down by 7.8 percent.However, the bottom line improved thanks to cost-cutting measures and some improvement in margins.CEO Sam Duncan said that he expected the pressure on sales to continue at the beginning of 2008, and that the company would continue to pursue margin and cost management initiatives throughout the year.