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Borders 3Q Loss Widens On Lower Sales, Margins; Stock Falls

DOW JONES NEWSWIRES Borders Group Inc.'s (BGP) fiscal third-quarter loss widened sharply as sales continued to slide and margins declined. Chief Executive Mike Edwards said he was "disappointed" with the company's results, which "reflect the business challenges facing Borders and the industry at large." Shares dropped 6.6% to $1.28 after hours, erasing some of this week's 27% gain following investor Bill Ackman saying he would be willing to finance a $960 million takeover bid for larger rival Barnes & Noble Inc. (BKS). Borders, the No. 2 U.S. bookseller by sales, has struggled heavily amid a sharp decline in sales and customer traffic, while its margins have continued to fall. The bookselling industry as a whole has struggled to grapple with the rise in popularity of digital books. But Barnes & Noble said last week that its quarterly loss narrowed as its results were boosted by its recently acquired college-bookselling business. For the quarter ended Oct. 30, Borders reported a loss of $74.4 million, or $1.03 a share, compared with a year-earlier loss of $37.7 million, or 63 cents a share. Revenue dropped 18% to $475.6 million as same-store sales dropped 13%. Gross margin fell to 15.4% from 18.5%. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

Stock News for Borders (BGP)
DateTimeHeadline
02/16/201109:14:36CORRECT: Borders Files For Chapter 11 Bankruptcy Protection
02/16/201107:59:47Borders Files For Chapter 11 Bankruptcy Protection
02/16/201107:53:02Borders Files For Bankruptcy Protection With $1.29 Billion Debt-Bloomberg
02/04/201118:38:33NYSE Warns Borders Stock Price Too Low For Continued Listing
01/30/201118:40:10Borders Again Delays Payments To Vendors, Also Skips Others
01/27/201118:38:48Borders Gets Potential $550 Million Of Financing From GE; Shares...
01/12/201117:18:53Borders To Shut Warehouse; Talks With Publishers On Tap -Report
01/04/201117:00:53MARKET SNAPSHOT: U.S. Stocks Get Boost From Fed Minutes
01/04/201115:42:13Agree Realty's Shares Hit The Skids As Borders Woes Deepen
01/04/201114:06:41MARKET SNAPSHOT: U.S. Stocks Pause In Run To Two-year Highs
12/31/201017:19:05MARKET SNAPSHOT: U.S. Stocks Extend Gains Into Second Year
12/31/201010:25:10MARKET SNAPSHOT: U.S. Stocks Set To End Strong Year With Minor...
12/09/201017:01:57Borders 3Q Loss Widens On Lower Sales, Margins; Stock Falls
12/06/201007:23:35Ackman Offers To Finance A Borders Buyout Of Barnes & Noble
10/08/201014:51:32How Ackman's Pershing Square Stalked J.C. Penney
09/30/201018:05:34Borders Shareholders Approve Share Issuance, Executive Proposal
09/29/201012:09:35Borders Delays Meeting On Share Issuance Until Thursday
09/28/201011:53:38Borders To Open 25 Seasonal 'Pop-Up' Stores In US Malls
09/02/201008:11:22Former Borders CFO Bierley To Take Same Job At Pantry
09/01/201010:14:19MARKET SNAPSHOT: U.S. Stocks Rally On Global Growth Hopes

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