Naperville, Ill. -- OfficeMax Inc. reported Tuesday that net income for the third quarter jumped to $433.5 million from $22 million in the same period last year, as the office supply retailer eliminated non-recourse debt guaranteed by Lehman Bros. Holdings from its books.
Revenue dipped 1.7% to $1.74 billion, missing Wall Street’s expected $1.87 billion. Same-store sales fell 2.1%.
“Retail sales were challenged by weaker demand for technology products, especially personal computers,” said Ravi Saligram, president and CEO of OfficeMax. “We are also pleased to have extinguished the Lehman non-recourse liability from our balance sheet.”
The company said it plans a net reduction in store counts for 2012, with up to 45 store closures and one opening in the U.S., as well as eight-to-10 store openings and one-to-two store closures in Mexico.