Genuine Parts reported a drop in sales of 5% in 2009 for its office products wholesale division S.P. Richards.

CEO Tom Gallagher described 2009 as one of the most challenging years in the history of company but pointed to a stronger finish to the year. "We observed some early signs of improving market conditions in the latter part of 2009 and we feel this bodes well for a stronger performance in 2010. We are fortunate to operate in four good industries," he said.

In the fourth quarter of 2009 sales in the Office Products Group were down 4%. The fourth-quarter results surpassed analyst estimates, sending shares up 7 percent.