OfficeMax Sees Unexpected 3rd-Quarter Loss

OfficeMax Inc., an office supplies retailer whose stock has fallen 49% this year, said it will have an unexpected loss in the fiscal third quarter because of slow sales and problems with a new inventory system. The forecast sent shares of OfficeMax down 44 cents, or 14%, to close at $2.75 in New York Stock Exchange trading. The loss in the quarter ending Oct. 21 will be 10 cents a share, OfficeMax said. Analysts’ average estimate was for profit of 11 cents a share. In the year-earlier quarter, the company reported profit from operations of 14 cents, excluding a $53-million charge to liquidate inventory. Sales during the back-to-school season have been sluggish, the company said, hurt by higher gasoline prices and higher interest rates. OfficeMax also said it had trouble keeping products in stock at stores as it implements a new inventory-management software system. OfficeMax said it expects to be profitable in this year’s fourth quarter but won’t meet analysts’ average estimate of 30 cents. The Shaker Heights, Ohio-based company didn’t provide further details.