OfficeMax sees quarterly sales declines

NAPERVILLE, Ill. OfficeMax reported that total sales were $1,8 billion in the fourth quarter of 2009, a decline of 3.9% from the fourth quarter of 2008, while total sales for the full year 2009 decreased 12.8% to $7.212 billion compared with the full year 2008. For the fourth quarter of 2009, OfficeMax reported a net loss available to OfficeMax common shareholders of $3.2 million, or 4 cents per diluted share. For the full year 2009, OfficeMax reported a net loss available to OfficeMax common shareholders of $2.2 million, or 3 cents per diluted share.

Sam Duncan, Chairman and CEO of OfficeMax, said, "We are pleased with our strong balance sheet and liquidity position as well as our improving performance throughout 2009 in what has remained a tough environment for our business. Notably for the fourth quarter, the year-over-year sales decrease moderated, which was consistent with the trend we saw each quarter during the year, and we expanded gross margin. We believe our company is well positioned to grow sales and operating margin as the economy improves."

OfficeMax Retail segment sales decreased 7.2% to $862.7 million in the fourth quarter of 2009 compared with the fourth quarter of 2008, reflecting a same-store sales decrease of 6.7% (a same-store sales decrease of 6.2% in local currencies) and fewer stores. Retail same-store sales for the fourth quarter of 2009 declined across all major product categories primarily due to weaker small business and consumer spending, the company reported.