OfficeMax Inc. reported net income of $9.8 million for its first quarter, down from $63.5 million last year. The direct marketer and retailer attributed the difference to a $57.5 million tax refund last year. The Cleveland-based firm posted sales of $1.23 billion for the period ended April, 26, up from $1.2 billion last year. "The company believes these first-quarter results would have been even better
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OfficeMax Inc. reported net income of $9.8 million for its first quarter, down from $63.5 million last year.
The direct marketer and retailer attributed the difference to a $57.5 million tax refund last year.
The Cleveland-based firm posted sales of $1.23 billion for the period ended April, 26, up from $1.2 billion last year.
"The company believes these first-quarter results would have been even better had it not been for the negative effects of the war in Iraq and the accompanying ‘CNN effect’ manifested by customers spending less time shopping and more time at home viewing war reports and live action on television," said CEO Michael Feuer in a statement.
