OfficeMax Operating Profit Increases

Retail Reuters

OfficeMax Inc (OMX), the third-largest office supply chain, reported a higher quarterly operating profit On Thursday, helped by cost cuts and improvements in sales of services to corporations.

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In the second quarter, net income was $10.7 million, or 12 cents a share, compared with a year-earlier loss of $3 million, or 4 cents a share. Its operating income was $23.1 million compared with $4 million in the year-ago period.

Sales fell 2.7% to $1.6 billion. Same-store sales slipped 1.8%. The company said it expects total sales to be flat or slightly higher this quarter than in the year-earlier quarter.