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Naperville, Ill. -- Office Max Inc. reported Thursday net income of $10.7 million for the second quarter, besting Wall Street predictions and representing a strong turnaround from last year’s $3 million loss stemming from store closures and severance expenses.
Revenue for the quarter slipped 2.7% to $1.6 billion, missing analysts’ forecasted $1.64 billion in revenue. The office supply retailer said it will reinstate its quarterly common stock dividend, which it suspended more than three years ago.
As reported previously, OfficeMax’s full year outlook includes a net reduction in store counts with as many as 35 store closures and one to two store openings in the United States, as well as eight-10 store openings and one to two store closures in Mexico.