OfficeMax (OMX) reported ugly results this AM, and paid for it dearly. Revenue went from $2.424 billion in the quarter last year to $2.436 in the most recent quarter. Gross margin fell but the company had a small profit of $58 million. It lost $14 million a year ago.

Retail store sales were flat.

The company’s efforts yielded $.77 a share. Wall St. expected $.93.

OfficeMax shares dropped over 11% to under $44, which means that they are off that much year-to-date. The 52-week high is $55.40.

The last year has not been good for OfficeMax competitors Office Depot (ODP) or Staples (SPLS) which both trade near 52-week lows. The competition among the companies makes both margins and substantial growth difficult.

Which means Wall St. should stay away.

Douglas A. McIntyre