Borders Group Reports Third Quarter EPS of $(1.03)

Borders Group, Inc. BGP today reported results for its third quarter ended October 30, 2010 and the undertaking of important steps in its brand transformation process. Results include:

• Third quarter sales were $470.9 million, a decrease of 17.6% from the same period a year ago. Comparable store sales declined by 12.6%.
• The company incurred a loss from continuing operations in the third quarter of $74.4 million or $1.03 per share. For the same period a year ago, the company had a loss of $37.7 million or $0.63 per share.
• The company reduced debt net of cash by 12.7% compared to the third quarter of last year, and inventory was reduced by $233.7 million.
• Borders.com sales decreased 8.6% over the prior year to $12.5 million; however, fiscal year-to-date through the end of the third quarter, Borders.com sales increased 24.0% over the prior year, to $43.3 million. Notably, the company made significant improvements to its e-commerce platform during the quarter and added a number of services in preparation for the fourth quarter and beyond.