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Borders reports fall in net income.


Book retail chain Borders Group Inc has reported a decline of 84% in net income after weak sales in the United Kingdom.

The US-based company earned USD1.3m, or USD0.02 per share, during the quarter ended 23 July 2005. For the same quarter last year Borders reported net income of USD7.9m or USD0.10 per share.

Overall, sales were up 5% to USD891.6m from USD847.1m a year ago.

Borders downgraded its full-year earnings forecast to a range of USD1.60 to USD1.70 per share, against the previous estimate of USD1.70 to USD1.84.
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Title Annotation:Borders Group Inc
Publication:M2 Best Books
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 18, 2005
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