OfficeMax adjusts Q3 outlook, anticipates sales to be slightly lower than year-ago period with soft back-to-school season, weaker technology sales
September 15, 2011
– OfficeMax® Incorporated (NYSE: OMX) today announced that, as part of its presentation today at the Goldman Sachs Annual Global Retailing Conference, it plans to update its outlook for the third quarter and second half of 2011.
Ravi Saligram, President and CEO of OfficeMax, said, "Against the backdrop of difficult macroeconomic conditions, we are experiencing a soft Back-to-School season driven by a price conscious consumer and weaker technology sales. Consequently, we are continuing to focus on providing products that are a good value, as well as managing gross margins and costs in the third quarter and second half of the year."
OfficeMax now anticipates that total company sales for the third quarter of 2011 will be slightly lower than the third quarter of 2010, including the favorable impact of foreign currency translation.
In line with the company's previous guidance, OfficeMax anticipates that total company sales for the second half of 2011 will be slightly higher than the prior-year second half, including the favorable impact of foreign currency translation and the benefit of the additional fiscal week in the fourth quarter. Additionally, OfficeMax continues to anticipate that for both the third quarter and second half of 2011, the adjusted operating income margin rate will be flat to slightly higher than the respective prior-year periods.
A live audio webcast of the presentation can be accessed today at 10:45 a.m. Eastern Time (9:45 a.m. Central Time) via the Internet by visiting the OfficeMax website at investor.officemax.com. The webcast will be archived and available online until October 7, 2011 and will be posted on the "Presentations" page located within the "Investors" section of the OfficeMax website.