Borders Group reported a net loss of $86 million, or $1.44 a share, for the three months that ended May 2 after the market closed Tuesday. That compares to a net loss of $31.7 million, or 50 cents a
share, for the same period a year ago for the Ann Arbor, Mich.-based bookseller. Revenues registered at $650.2 million for the quarter, compared to $735.8 million in the same period of 2008.
The results were still not as bad as expected, with analysts anticipating a loss of 50 cents per share for continued operations, as opposed to the 27 cents loss per share reported.
Total consolidated first-quarter sales were $641.5 million, down 12.1% from the prior year. Comparable-store sales for the first quarter declined by 13.5% and 5.5% at Borders superstores and
Waldenbooks Specialty Retail stores, respectively. The company is focusing on driving sales as the key to long-term success, according to Borders Group CEO Ron Marshall. He told analysts on a call
Wednesday morning that the company is taking action to reverse the slide.--Tanya Irwin
advertisement
advertisement