UPDATE 1-OfficeMax operating profit rises
Aug 2 (Reuters) - OfficeMax Inc, the third-largest office supply chain, reported a higher quarterly operating profit On Thursday, helped by cost cuts and improvements in sales of services to corporations.
In the second quarter, net income was $10.7 million, or 12 cents a share, compared with a year-earlier loss of $3 million, or 4 cents a share. Its operating income was $23.1 million compared with $4 million in the year-ago period.
Sales fell 2.7 percent to $1.6 billion. Same-store sales slipped 1.8 percent.
The company said it expects total sales to be flat or slightly higher this quarter than in the year-earlier quarter. Office Max reinstated its quarterly dividend.
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