OfficeMax Inc. reported a profitable first quarter, with net income of $63.5 million versus last year’s loss of $16.6 million. This includes the previously reported $57.5 million benefit from a cash tax refund resulting from President George W. Bush’s economic stimulus package, the majority of which was received this week.
OfficeMax’s consolidated sales for the quarter, ended April 27, amounted to $1.18 billion, compared with $1.19 billion for the like quarter a year ago. Last year’s revenues included sales from 29 stores that were closed on the first day of the new fiscal year. When excluding these closed stores, sales for the quarter increased 1% on a year-over-year basis.
For April, the last month of the first quarter, same-store sales jumped to 4%, the company’s best increase in 18 months.
Sales improvements are a reflection of more effective merchandising and marketing programs targeted at the core small-business customer, according to Michael Feuer, the company’s chairman and CEO, in a statement.
Cleveland, OH-based OfficeMax expected second-quarter results to show year-over-year improvements with same-store sales results. But the company noted that sales in the second-quarter summer months are the slowest of the year.
OfficeMax operates 1,000 superstores, an e-commerce site (www.officemax.com) and catalogs.
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