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OfficeMax Supplies $3.9M Loss

ITASCA, IL-The office-supply retailer reports a net loss of $3.9 million, or 7 cents per diluted share.

By Dana Dubriwny | Updated on October 26, 2005

ITASCA, IL-OfficeMax reported a net loss of $3.9 million, or 7 cents per diluted share, compared with a net income of $62.2 million, or 64 cents per diluted share during the same period last year. The company attributed the Q3 loss in part to discontinued operations related to the $10.4 million consolidation and relocation of the OfficeMax headquarters facilities to a 361,000-sf building in Naperville. OfficeMax also noted that the gains in 2004 included the results of the company’s paper, forest products, and timberland assets, which sold in October 2004.

Sales for the third quarter rung in at $2.3 billion, an increase of $53 million compared to last year. The company said the gain was to primarily due to sales growth in the contract segment, which increased 4.4%. The uptick was a result of a 1.4% sales increase in US contract operations and 16% growth in international contract operations.

In the retail segment, sales increased just short of 1% compared to a year ago, and same-store sales were slightly negative when compared to last year. The company said the slump was a because of “varying back-to-school sales performance in geographic regions” and flat comp-sales growth in most product categories. Retail sales were also impacted by Hurricane Katrina, which caused the closure of 24 stores at its peak, all of which have now reopened.

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