Industry challenges take toll on Borders' Q3
ANN ARBOR, Mich. - Borders Group reported that sales for the third quarter were $470.9 million, which is a decrease of 17.6% from the same period a year ago. On a comparable-store sales basis, sales declined 12.6%, driven primarily by the adult trade category, according to the company. Sales were also negatively impacted by Borders.com, which saw a third quarter decrease of 8.6% over the prior year to $12.5 million.
The company incurred a loss from continuing operations in the third quarter of $74.4 million or $1.03 per share. For the same period a year ago, the company had a loss of $37.7 million or 63 cents per share. The company attributed its third quarter loss from continuing operations primarily to decreased gross margin.