OfficeMax Swings To a Profit

NEW YORK -- Office-supplies retailer OfficeMax Inc. swung to a second-quarter profit of $11.8 million, or 14 cents a share, from a loss of $17.7 million, or 23 cents, a year earlier. Sales fell slightly to $1.653 billion from $1.658 billion, the Naperville, Ill.-based company said on Tuesday. Excluding non-recurring items, the company said it would have earned 12 cents a share. Analysts, on average, estimated OfficeMax to break even on sales of $1.67 billion, according to FactSet. "We expect to face headwinds in the second half of the year including challenging global macroeconomic conditions and continued weak U.S.