"We carefully assess the cost benefit of store closures," said Sam Martin, executive vp and COO. "We believe it is not necessary to close a large number of stores in the next year."
During the quarter, the company closed one retail store in the US and one in Mexico. Plans remain on track for the OfficeMax to open a total of 12 units, and to close up to 25 retail stores this year. The company plans to pursue store-in-store opportunities, said Sam Duncan, chairman and CEO.
A weak economy and scarce credit continued to take their toll on sales, though numbers improved. For the quarter, sales were $1.8 billion, down 12.6% from the third quarter of 2008. Same-store sales declined 11.5%. Net income was $5.7 million, vs. a loss of $432,000 in the year-ago quarter.
OfficeMax has 1,010 stores, consisting of 932 units in the United States and 78 stores in Mexico.
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