Borders Group sees 1Q comps drop

ANN ARBOR, Mich. Borders Group reported total consolidated first-quarter sales were $641.5 million, down 12.1% from the prior year. Comparable-store sales for the first quarter declined by 13.5% and 5.5% at Borders superstores and Waldenbooks Specialty Retail stores, respectively.

On an operating basis, the company generated a first quarter loss from continuing operations of $15.9 million or 27 cents per share compared to a loss of $30.5 million or 51 cents per share for the same period a year ago.