Tags: US | Earns | Borders | Group

Borders to Add More Items as Loss Widens, Revenue Falls

Wednesday, 01 Sep 2010 12:58 PM

Borders Group reported a slightly larger loss in the second quarter on lower revenue and said it will add more items besides books in its stores to boost revenue.

The second-largest traditional U.S. book seller says its net loss totaled $46.7 million, or 67 cents per share. That compares with a loss of $45.6 million, or 76 cents per share, last year.

Revenue fell 12 percent to $526.1 million. Revenue in stores open at least one year fell 6.8 percent.

The company has cut costs and made other moves to improve profitability since financier Bennett LeBow invested $25 million in the company in May and became CEO.

Borders is focusing on its children's department and selection of electronic-book readers to offset tough competition from online retailers and discount stores.

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Borders Group reported a slightly larger loss in the second quarter on lower revenue and said it will add more items besides books in its stores to boost revenue.The second-largest traditional U.S. book seller says its net loss totaled $46.7 million, or 67 cents per share....
US,Earns,Borders,Group
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