OfficeMax Inc. (Itasca, Ill.) reported a second quarter 2005 net loss of $21.5 million, compared with net income of $51.1 million a year earlier.
This follows a first quarter net loss of $5.3 million.
Results for the second quarter include various special items, such as a loss from discontinued operations and certain expenses in the corporate and other segment, which are not expected to be ongoing. Excluding the special items, the second quarter net loss was $12.7 million.
Sales in the second quarter fell 38 percent. Sales in the company’s retail segment fell 1 percent.
“While our contract segment showed strength, overall we are disappointed in the second quarter results, which were impacted both by the normal seasonal decline and by some weakness in our retail segment due in part to our re-merchandising initiative focused on the small business customer,” said chairman and ceo Sam Duncan. “Despite the challenges facing OfficeMax, we feel positive about our goal of improving execution and the direction for the company.”