Borders Cuts Q2 Loss27 Aug, 2008 By: Billy Gil
Borders Group reported a second-quarter (ended Aug. 2) loss of $11.3 million, compared to a loss of $18.1 million during the same period last year.
At U.S. Borders superstores, comparable store sales decreased by 8.9% compared to the same quarter last year. Losses were attributed to the continuing decline of music sales as well as the lack of a “Harry Potter” book — Harry Potter and the Deathly Hollows was released July 21, 2007, during the second quarter last year.