Borders sees decrease in holiday sales

ANN ARBOR, Mich. Borders Group reported that for the 11-week holiday period ended Jan. 16 total consolidated sales were $846.8 million, a 13.7% decrease compared with the same period last year.

Within the Borders superstore segment, total sales for the period were $649.2 million, a 14.7% decrease from a year ago. Comparable-store sales at Borders superstores declined 14.6%. Factoring out multimedia, comparable-store sales at Borders superstores declined 10.9%.

Within the Waldenbooks Specialty Retail segment, total sales for the holiday period were $153.2 million, a 14.6% decrease year-over-year. Comparable-store sales for Waldenbooks stores that will remain open beyond the end of this month declined 9.4%.

"We are disappointed with holiday results and must intensify our focus on creating and delivering a shopping experience that drives profitable sales," said Borders Group CEO Ron Marshall. "Given the sales challenge, we have continued to manage cash flow and have taken several important steps in line with our strategic priorities, including moving away from underperforming, low margin categories such as music and video in favor of better performing categories such as children's."