Office Max narrows loss

Naperville, Ill. OfficeMax on Thursday posted a smaller second-quarter net loss as it cut costs amid continued weak demand from consumers and small businesses. Adjusted results beat analyst expectations.

The quarterly loss totaled $17.7 million from $895.3 million a year ago.

Revenue fell 17% to $1.66 billion from $1.98 billion a year ago. Analysts expected a loss of $1.64 billion.

The chain said it expected sales to decline in the second half of the year due to the weak environment.