OfficeMax Loses $26.7M for Q2

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OfficeMax had a $26.7 million loss for the second quarter despite a rise in sales, the company said yesterday.


Still, it compared favorably to the $33.4 million net loss reported in last year's second quarter.


Second-quarter sales including Mexico and domestic operations were up 4 percent year-over-year to $1.05 billion.


Domestic comparable-store sales climbed 5 percent, largely from increases in same-store transactions and average amount per transaction.


Comparable-store sales for the Mexico segment declined 20 percent. OfficeMax attributed the decline to devaluation in the Mexican peso against the U.S. dollar and sales declines of larger-ticket items such as computers.


OfficeMax, Cleveland, also said yesterday that it would accelerate its 250-store remodeling program. In the second quarter, the company remodeled 121 stores, bringing the total so far this year to 205. The remodeling contributed to increased expenses in the second quarter.


The remodeled stores use features of OfficeMax's newest prototype format, including reduced shelf heights, enhanced signage and increased visibility of the CopyMax print-for-pay area.


Also, Abercrombie & Fitch, New Albany, OH, reported that net sales for the quarter ended Aug. 2 increased 8 percent to $355.7 million from $329.2 million for the comparable period ended Aug. 3, 2002.


Comparable store sales decreased 8 percent during the quarter. Net income for the quarter increased 12 percent to $34.8 million compared to $31.1 million for the second quarter of fiscal 2002.


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