Friday, December 10, 2010

Borders Sales Disappoint, Falling 17.6% - Loss Soars

PW: "Borders third quarter results, released just after the market closed Thursday afternoon, provided little sign that the company is turning around as total revenue fell 17.6%, to $470.9 million and comparable store sales dropped 12.6%. The loss from continuing operations was $74.4 million compared to a loss of $37.7 million a year ago. CEO Michael Edwards called the results disappointing, adding they reflect “the business challenges facing Borders and the industry at large.”"