Borders Bummer: Holiday Sales Disappoint

January 19, 2010

Borders Group says it got coal in its stocking this Christmas, with holiday sales falling 13.7% to $846.8 million. Declines were even steeper in its superstore formats, where comparable-store sales fell 14.6%. To protect its margins, the Ann Arbor, Mich.-based company says it cut promotional spending in December.

"We are disappointed with holiday results and must intensify our focus on creating and delivering a shopping experience that drives profitable sales," its executives say in a statement. Previously, the company has said it will exit the multimedia category and close 182 Waldenbooks Specialty Retail stores. --Sarah Mahoney