SOURCE: Five Star Equities

Five Star Equities

September 07, 2012 08:20 ET

Office Depot and OfficeMax Shares Rise After Reiterating 2012 Earnings Forecasts

Five Star Equities Provides Stock Research on Office Depot and OfficeMax

NEW YORK, NY--(Marketwire - Sep 7, 2012) - Coming out of the recession, office supply stores had suffered as many businesses and consumers cut spending in attempts to reduce costs. On Wednesday shares of OfficeMax Inc. and Office Depot Inc. received a boost after both companies reiterated their 2012 earnings forecasts at the Goldman Sachs Annual Global Retailing Conference. Five Star Equities examines the outlook for companies in the Specialty Retail Industry and provides equity research on Office Depot Inc. (NYSE: ODP) and OfficeMax Inc. (NYSE: OMX).

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Recent numbers have shown that consumer spending in July increased by the largest margin in five months. Numbers released by the Commerce Department have shown that purchases rose 0.4 percent in July after barely moving in June. Consumer spending was likely boosted by a rise in incomes, which gained 0.3 percent in July.

"Consumer spending increased for the first time in three months," said Chris Christopher, an economist at IHS Global Insight, "providing evidence that after hunkering down for two consecutive months there are signs of life on the consumer front."

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Office Depot has annual sales of approximately $11.5 billion, employs about 39,000 associates, and serves customers in 60 countries around the world. The Company expects to achieve full-year 2012 adjusted earnings before interest and taxes in the $125 to $135 million range, an increase of approximately $5 to $10 million from 2011. Shares of the company surged nearly 20 percent on Wednesday.

OfficeMax is a leader in integrating products, solutions and services for the workplace, whether for business or at home. "Despite an uncertain environment, we continue to make progress on our strategic initiatives and remain on track to achieve our third quarter and full year guidance for sales and operating margin," said Ravi Saligram, President and CEO of OfficeMax.

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