NAPERVILLE, Ill., Sept. 14 /PRNewswire-FirstCall/ -- OfficeMax®
Incorporated (NYSE: OMX) today announced that, as part of its
presentation today at the Goldman Sachs Global Retailing
Conference, it plans to update its outlook for the third quarter of
2010.
Sam Duncan, Chairman and CEO of
OfficeMax, said, "As we finish the Back-to-School season, we are
pleased with our execution to date in the quarter in an extremely
tough environment. Similar to last year's Back-to-School
season, customers were budget conscious and retailers were very
competitive and promotional. That said, our performance in
this important season met our expectations."
Bruce Besanko, EVP, Chief
Financial Officer and Chief Administrative Officer of OfficeMax,
said, "We continue to face challenging global macroeconomic
conditions including continued weak U.S. employment trends. To date
in the third quarter, as expected, the company has experienced a
year-over-year domestic retail same-store sales percentage decline
which was favorable to the second quarter 2010 year-over-year
domestic retail sales percentage decline of 2.1%."
OfficeMax anticipates that for the third quarter, total company
sales will be slightly lower than the prior year's third quarter,
including the favorable impact of foreign currency translation,
which is in line with the company's previous guidance. The
company now anticipates that adjusted operating income margin rate
will be slightly higher than the prior year's third quarter due
primarily to favorable settlements of sales/use tax issues in the
third quarter of 2010. Excluding these settlements, adjusted
operating income margin rate for the third quarter will be in line
with the company's previous guidance.
A live audio webcast of the presentation can be accessed today
at 8:45a.m. Eastern Time via the
Internet by visiting the OfficeMax website at
http://investor.officemax.com. The webcast will be archived and
available online until October 14,
2010 and will be posted on the "Presentations" page located
within the "Investors" section of the OfficeMax website.
Forward-Looking Statements
Certain statements made in this press release and other written
or oral statements made by or on behalf of the company constitute
"forward-looking statements" within the meaning of the federal
securities laws, including statements regarding the company's
future performance, as well as management's expectations, beliefs,
intentions, plans, estimates or projections relating to the future.
Management believes that these forward-looking statements are
reasonable. However, the company cannot guarantee that the
macroeconomy will perform within the assumptions underlying its
projected outlook; that its initiatives will be successfully
executed and produce the results underlying its expectations, due
to the uncertainties inherent in new initiatives, including
customer acceptance, unexpected expenses or challenges, or
slower-than-expected results from initiatives; or that its actual
results will be consistent with the forward-looking statements and
you should not place undue reliance on them. These statements
are based on current expectations and speak only as of the date
they are made. The company undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of future events, new information or otherwise.
Important factors regarding the company that may cause
results to differ from expectations are included in the company's
Annual Report on Form 10-K for the year ended December 26, 2009, under Item 1A "Risk Factors",
and in the company's other filings with the SEC.
About OfficeMax
OfficeMax Incorporated (NYSE: OMX) is a leader in both
business-to-business office products solutions and retail office
products. The OfficeMax mission is simple. We help our
customers do their best work. The company provides office
supplies and paper, in-store print and document services through
OfficeMax ImPress®, technology products and solutions, and
furniture to businesses and individual consumers. OfficeMax
customers are served by over 30,000 associates through direct
sales, catalogs, e-commerce and approximately 1,000 stores.
To find the nearest OfficeMax, call 1-877-OFFICEMAX.
For more information, visit www.officemax.com.
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SOURCE OfficeMax Incorporated
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