NEW YORK (Thomson Financial) - Borders Group Inc. Thursday said its same-store sales rose 2.4% for the nine-week holiday period ended Jan. 5. Total consolidated sales from continuing operations for the period increased 3.9% to $1.1 billion from last year's equivalent total.
The Ann Arbor, Mich., books and music retailer said, however, that the shopping environment during the holiday season was 'intensely promotional' and that this had a greater than anticipated impact on its bottom line.
It now sees earnings from continuing operations for the fourth quarter coming in flat to down slightly compared to its profit of $1.45 a share in last year's equivalent period.
The current mean estimate of analysts polled by Thomson Financial is for earnings of $1.46 a share in the January period.
The stock was up 7% to $10.48 in late trades. Michael Baron mb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The Ann Arbor, Mich., books and music retailer said, however, that the shopping environment during the holiday season was 'intensely promotional' and that this had a greater than anticipated impact on its bottom line.
It now sees earnings from continuing operations for the fourth quarter coming in flat to down slightly compared to its profit of $1.45 a share in last year's equivalent period.
The current mean estimate of analysts polled by Thomson Financial is for earnings of $1.46 a share in the January period.
The stock was up 7% to $10.48 in late trades. Michael Baron mb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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