In the 3Q of fiscal 2007, OfficeMax reported a 44.9% increase in operating income compared to the third quarter of 2006. However, total revenue in the third quarter of 2007 increased only 3% compared to the same quarter in 2006. The profit growth was largely a result of cost-cutting measures taken during the year thus far. However, OfficeMax opened fewer stores than planned during the quarter and saw only 0.8% same store sales growth during the quarter.
Officemax released earnings that were below expectations.
Data for 2006 are released, showing that OfficeMax revenue decreased 8.1%, although profits increased slightly due to lower operating costs.
OfficeMax introduces new paper procurement policies to enhance its environmental policy.