Matthew Fassler
Matthew Fassler
concerned despite drivers few given growth impact majority poor remain return sales showing stores tangible
We remain concerned with the company's longer-term positioning, given its choppy sales showing despite significant store-level investment, and its poor return on capital. The majority of its remodeled stores should have yielded their most significant same-store sales impact in 2002, and we see few tangible growth drivers ahead.
issues lack personal recent results
Mr. Edmondson's personal issues ... are tangential to the firm's recent lack of execution, results and direction.
consumer describe falls home hurts largest office retail
The largest retail sectors would be home improvement, consumer electronics, books, music, toys, office supplies. We describe anything that hurts when it falls on your foot.
areas banal driving effective enhance essential focus investment logistics necessary plan rather turnaround
OfficeMax's turnaround plan focuses on the investment necessary to enhance the productivity of its underperforming assets, banal but essential areas such as infrastructure, logistics and systems. Effective turnarounds focus on these areas, rather than on driving short-term sales.