Naperville, Ill. OfficeMax Inc. said it lost $395.2 million in the fourth quarter, as sales fell and it accounted for a $429 million charge and other write-downs.
"We sell discretionary items in the office supply industry, and we're a victim of the economy because of that," said CEO Sam Duncan. "As the economy goes, we go, meaning the office supply industry. As long as the economy continues to go on a down slide, then we're going to see the effect of that."
Excluding one-time costs, the company earned $1.9 million during the quarter on revenue of $1.88 billion, down from $2.2 billion a year earlier.
Sales in the company's contract segment slid more than 18% to $953.9 million, while retail sales fell nearly 10% to $929.2 million. Same-store sales plunged 13.6% during the period as consumers and small-businesses scaled back on spending.
For the full year, the company lost $1.66 billion compared to a profit of $207.4 million in 2007. Revenue fell 9% to $8.3 million in 2008.