Office Depot narrows loss, sales fall

Boca Raton, Fla. Office Depot's fourth-quarter loss fell to $77 million from $1.54 billion in the year-ago period. Sales dropped by 6% to $3.1 billion.

"Our fourth-quarter operating results and cash-flow performance exceeded our expectations," CEO Mike Newman said. "We remain pleased with the execution of our strategic initiatives across the entire enterprise."

Fourth-quarter sales in the company's North American retail division dropped 9% to $1.3 billion, due in part to having 115 fewer stores open. Same-store sales decreased 4%,

Fourth-quarter sales in the international unit rose 2% to $982 million.