Borders Posts Net Loss, Cuts Forecast
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Borders Group Inc., the world’s No. 2 book retailer, had a first-quarter net loss of $4.8 million and cut its full-year profit forecast.
The loss of 6 cents a share contrasted with net income of $3.9 million, or 5 cents, a year earlier, the company said. Sales fell slightly to $751.4 million.
Borders lowered its full-year profit forecast to $1.40 to $1.46 a share from its previous projection of as much as $1.60 a share.
Shares of Ann Arbor, Mich.-based Borders fell 16 cents to $16.30 on the NYSE.
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