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Borders SuperStore Sales Drop 1.6% for Third Quarter

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December 1-15, 2004 Edition

Borders SuperStore

Sales Drop 1.6%

for Third Quarter

11/17/04—Borders Group reported a 1.6% decline in same store superstore sales for the third quarter, and Walden’s same-store sales declined 4.1 %. Overall, however, Borders reported a 3.1% increase in revenue to $833.3 million for the period, bouyed by strong sales in its international group and new store opeings.

International sales increased 25.2%, to $118.6 million, due to strong exchange rates new store openings, and higher comp sales.

Slow store traffic and a lack of bestsellers were blamed for the U.S. superstore decline. Sales also were hurt by hurricanes and the presidential campaign.

Borders posted a net loss of $1.5 million for the third quarter, compared to earnings of $500,000 in the same period last year.

Superstores showed total sales gains of 2.2% to $564.1 million, with the help of new store openings.

Waldenbooks posted a decline of 6.7%, to $161.5 million. Two stores were closed during the quarter.

The company is forecasting flat or slightly lower sales for Borders, and a single-digit decline for Walden’s same store sales.