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 ITASCA, Ill. (AP) - Office supplies retailer OfficeMax Inc. on Thursday posted a sharply wider first-quarter loss as costs from closing more than 100 stores weighed on its results.
But the company's stock jumped sharply after analysts cited a rise in its operating margin of three percentage points, signaling a payoff from its cost-cutting.
The Itasca-based company's loss amounted to $25.1 million, or 37 cents per share, versus a loss of $5.3 million, or 7 cents, the year before. Excluding store closing costs and other items, adjusted profit was $55.7 million, or 77 cents per share.
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