OfficeMax said it now expects third quarter sales to be slightly lower than the third quarter of 2010, and that sales in the second half of the year will be slightly higher than last year's second half.
CEO Ravi Saligram said the company is experiencing a soft back-to-school season driven by a price conscious consumer and weaker technology sales.
Rival Office Depot (ODP) reported a rosier picture ahead of its presentation at the same conference, and said its back-to-school sales and gross margin are up 1.5% compared to the prior year.
It did say that same-store sales are down quarter-to-date through August.
For MarketNewsVideo.com, I'm Kristin Bianco.
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