*NEWS*OFFICEMAX SALES OF $9.1BIL IN 2007

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*NEWS*OFFICEMAX SALES OF $9.1BIL IN 2007

 user 2008-02-19 at 11:58:00 am Views: 113
  • #21335

    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.