OfficeMax $24.1-Million Loss Matches Forecasts

OfficeMax Inc. reported a fiscal second-quarter loss of $24.1 million, or 22 cents a share, in line with estimates, as it shed computer inventory and spent to build its Internet business. The retailer had earned $2.43 million, or 2 cents, in the year-earlier period. Sales rose 11% to $1.08 billion. OfficeMax in February agreed to allow Gateway Inc. to sell its computers in boutiques inside OfficeMax stores. To prepare, OfficeMax converted computer departments and liquidated its PC inventory during the quarter. Getting out of the unprofitable computer business will help stabilize earnings, analysts said. The loss in OfficeMax’s computer business widened to $7.6 million from $5.6 million, as sales dropped 36%. At OfficeMax.com, the loss widened to $3.3 million from $963,000, even as sales climbed nearly fivefold to $26.2 million. Shares in Shaker Heights, Ohio-based OfficeMax closed up 19 cent at $4.25 on the NYSE.