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Borders posts deeper third-quarter loss, slower sales
Published by DavidWaring
11-25-2008



Default Borders posts deeper third-quarter loss, slower sales

SAN FRANCISCO (MarketWatch) -- Borders Group Inc. late Tuesday reported its third-quarter loss from continuing operations rose to $172.2 million, or $2.85 a share, from a loss of $40 million, or 68 cents a share, in the same quarter last year. Analysts surveyed by FactSet Research, on average, had forecast the retail book and media chain would report a loss of 57 cents a share. The loss includes non-cash, non-operating charges totaling $133.2 million in the quarter, consisting primarily of deferred tax and fixed asset impairments, Borders said. Comparable-store sales for U.S. Borders superstores slid 12.8% for the quarter.

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