Thursday, April 28, 2011

OfficeMax Inc ( NYSE:OMX ) plunged after quarterly earning release, profit halved !

OfficeMax Inc
OfficeMax Inc. said Thursday its first-quarter earnings fell to $13.2 million, or 13 cents a share, from $26.3 million, or 29 cents a share, in the year-ago period.Shares of OfficeMax were indicated lower in premarket trading and down as much as 10 % with abnormally high volumes. 

Sales fell to $1.86 billion from $1.92 billion. Analysts surveyed by FactSet Research were looking for earnings of 27 cents a share, on average, with sales of $1.86 billion. The retailer said recent results were hurt by increased promotional activity, an unfavorable product sales mix and a "deleveraging of fixed expenses." OfficeMax said second-quarter sales would be about flat from a year ago. 

Source : Marketwatch


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