OfficeMax Swings to Better-Than-Expected Profit
More customers and more revenue per customer boost sales.
Shares of
OfficeMax
(OMX)
were higher after the company swung to a third-quarter profit and beat analysts' estimates. The company cited an increase in both customers and revenue per customer.
Using standard accounting, the company earned $16.5 million, or 13 cents a share, compared with a loss of $25.8 million, or 23 cents a share, a year ago. Analysts were expecting the company to earn 7 cents a share.
Consolidated revenue increased 5.8% to $1.258 billion. Same-store sales rose 7.7%, the company said.
The shares were adding 19 cents, or 3.6%, to $5.48 in early trading.
