OfficeMax Heads Back In Black

OfficeMax turned a profit for the fourth quarter after reporting a loss for the same period last year.
The retailer announced that, for the fourth quarter of 2010, adjusted net income available to its common shareholders, excluding impairment charges, was $13.8 million, or 16 cents per diluted share, versus a net loss of $2.3 million, or three cents per diluted share, in the 2009 quarter.
For fiscal 2010 overall, OfficeMax net income available to company common shareholders was $68.6 million, or 79 cents per diluted share, versus a loss of $2.2 million, or three cents per dilute share, in the year earlier.
Total sales for the fiscal fourth quarter were $1.77 billion, a decrease of 2.4%, while total sales for the full year slipped by 0.9% to $7.15 billion. Comparable store sales decreased by 0.7% in the fourth quarter and 0.8% in the full year.