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Borders Warns Date: 4/22/2005 |
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B&N Affirms Borders Group warned that its sales and earnings would not meet expectations for the current quarter, which ends April 23rd. Instead of the anticipated break even to $.02 per share profit that had been anticipated, the company expects to lose $.06-$.07 per share. Sales are falling short at the Borders superstore division, where comp store sales are down for the quarter to date by .8% vs. the low single digit increase that had been expected. The sales decline was most pronounced for bestsellers and music (which was down in the low double digits). After the Borders announcement, prime competitor Barnes & Noble reaffirmed its sales and earnings forecast. Same store sales are expected to increase in the low single digits for the first quarter; earnings are expected to be $.11 to $.13 per share profit for the current quarter. |
| Source: ICv2 |
