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OfficeMax Q1 profit plummets, to close 35 stores

Naperville, Ill. -- OfficeMax Inc. reported Tuesday that net income for the quarter ended March 31 slid to $4.9 million, compared with $11.4 million in the year-ago period. Results were hampered by charges related to U.S. store closures.

Total sales edged up 0.5% to $1.9 billion. In the retail segment, sales dipped 2.7% to $912.3 million; same-stores sales fell 2.1%.

The office supply retailer said it plans to close as many as 35 stores in the United States this year, with one or two openings on tap. In Mexico, OfficeMax will open eight to 10 stores and close one to two.
 

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