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What: OfficeMax (NYSE: OMX ) shares are up more than 16% today after the company reported better than expected earnings.
So What: OfficeMax's Q3 earnings per share soared to $0.23, up from $0.08 last year, and nearly double what Wall Street analysts' had expected. The company's earnings increase was driven by cuts to customer acquisition and retention costs.
Now What:. The company's Q3 sales dropped another 1%, as compared to Q3 2009, which was in turn down more than 12% form Q3 2008. Without sales growth in 2011, the company may face tough earnings comparisons.
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