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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.
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