OfficeMax Shares Sink After Profit Miss

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    OfficeMax Shares Sink After Profit Miss

    "We think it's just that after huge upside last year, expectations have gotten too high."
    OfficeMax Inc. said Thursday it swung to a first-quarter profit, but retail sales declined and results fell short of analyst expectations. Its stock tumbled as much as 16 percent.
    The No. 3 office supplies retailer behind Staples Inc. and Office Depot Inc. also said the profitability of its division for business customers declined as the result of a shake-up in sales management.
    Shares in the Naperville, Ill.-based company, which soared 85 percent last year, fell $6.71, or 13.5 percent, to $43.75 in morning trading after sinking as low as $41.73. Read more


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