Like-for-like sales drop at Borders

Like-for-like sales drop at Borders

<p>Borders&#39; international business, including Borders UK and Books Etc, saw sales rise by 11% in the group&#39;s first quarter ended 5th May 2007. However, comparable superstore sales in the international segment decreased by 2.5%. There was no news on the sell-off of the UK-dominated business<span class="ccbnTxt">, Borders said it was proceeding with the &quot;strategic alternatives process&quot; disclosed in March</span></p><p>The first quarter operating loss for the international segment narrowed to $9.8m compared to a first quarter operating loss of $10.3m in 2006. Including the impact of foreign currency translation, total sales in the international segment were $153.7m, which was up by 22% compared to the same period a year ago.</p><p>Overall the Borders Group achieved first quarter consolidated sales of $876.8m, an increase of 2.0% over 2006. The company recorded a consolidated first quarter net loss of $35.9m. <span class="ccbnTxt">Borders Group chief executive George Jones said: &quot;Previously, we reported that 2007 would be a year of transition as we execute our long-term strategic plan for the turnaround of the company. Our first quarter results were generally in-line with our internal expectations, although the current sales environment was more challenging than we anticipated and that trend has continued. We are focused on executing our strategic plan and improving results, including returning the company to earnings per share growth beginning in 2008.&quot;</span> </p>