OMX moving a little..
News below.
------------------------------------------------------------------------
OMX
169 5/16
8 3/16
+15/16
+5/16
delayed 20 mins - disclaimerTuesday March 2, 9:52 am Eastern Time
OfficeMax posts higher Q4 operating profit
CLEVELAND, March 2 (Reuters) - Office supply retailer OfficeMax Inc. (NYSE:OMX - news) on Tuesday posted higher operating profits, and said it expects to open at least 100 full-size superstores in the United States this year.
The company reported fourth quarter earnings before charges of $43.2 million, or 36 cents a share, compared to $40 million, or 32 cents, in the year-earlier period. Sales rose 13 percent to $1.25 billion. Analysts polled by First Call expected the company to earn 35 cents a share.
Including charges, OfficeMax posted a net loss of $6.6 million, or 6 cents, compared to a year-ago profit of $40 million, or 32 cents. The $50 million in one-time charges related to a restructuring of its computer business unit.
OfficeMax said fourth-quarter Internet sales rose more than 1,100 percent, with over two million visits to its Web site each month. Revenue figures were not immediately available.
Its U.S. store opening schedule is running ahead of plan, and it now expects more than 80 percent to be opened by Thanksgiving. It will remodel nearly 70 stores, with most to be completed before the fall selling season.
The company also said it was in the process of finalizing plans to reduce the number of computer vendors to two manufacturers, down from as many as 11. The plans involve stores not in test marketing with International Business Machines Corp. (NYSE:IBM - news). In January, it struck a deal with IBM to sell a wide range of personal computer products in special store-within-a store areas in OfficeMax stores. |
