OfficeMax Inc. (NYSE: OMX) reported Wednesday that the office supply retailer posted a smaller fourth-quarter loss, according to Associated Press.
The company also remains confident that it will be able to boost its sales as it forecast "slightly higher" 2010 revenue.
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The company lost $3.2 million, or 4 cents per share, during the three months ended Dec. 26, compared to a loss of $396 million, or $5.21 per share, a year earlier.
Excluding a $17.6 million impairment charge and other items, adjusted loss was 3 cents per share, which topped expectations of a loss of 7 cents per share by analysts polled by Thomson Reuters. These estimates normally exclude one-time items.
Sales dropped 4 percent to $1.81 billion from $1.88 billion on declines in both its contract and retail segments, topping Wall Street's $1.73 billion estimate.
For the year, OfficeMax lost $2.2 million, or 3 cents per share, compared with a loss of $1.66 billion, or $21.90 per share, in the prior year. Annual sales declined 13 percent to $7.21 billion from $8.27 billion.
OfficeMax predicts its 2010 sales will come in slightly above 2009's $7.21 billion. Analysts expect revenue of $7.2 billion for the year.
Last week OfficeMax said Chairman and CEO Sam Duncan will retire early next year and plans to launch a national search for a replacement.
Its shares rose 63 cents, or 4.3 percent, to $15.36 in morning trading after rising to a 52-week high of $15.74 earlier in the session.
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