NAPERVILLE, IL-OfficeMax executives Wednesday predicted total sales for the company this year will be flat to slightly higher than 2010, as office supply spending is expected to be down for the year. The company made its prediction during its fourth quarter report Wednesday, in which it said the firm had a 2.4% sales decline from Q4 2009, to $1.77 billion.

Bruce Besanko, EVP, CFO and chief administrative officer, said during a conference call that the firm will be cautious in its outlook for this year. “To date in 2011, we have experienced a variety of challenges for our business, including adverse weather conditions, heightened promotional activity and a lack of favorable economic conditions, and we anticipate that some of these challenges may persist.”

There were some positives in the report. The company reported a same-store sales decrease of just 0.7%, which is better than Q4 2009’s decrease of 6.7%. Adjusted net income available to common shareholders in the fourth quarter was $13.8 million, or 16 cents per share, compared to a net loss of $2.3 million, or 3 cents a share, in Q4 2009.

The company ended 2010 with 997 stores, after closing 15 US stores and opening two in Mexico. This year the company will continue that trend, with plans to close another 15 US stores and to open five more in Mexico, for a total of 84 stores south of the border.

The company’s stock price dropped 10% Wednesday to $15.35 per share. The company hit its highest stock price of $53.75 per share in March 2007.