Borders Posts Net Loss of $46.7 Million for 2Q

Borders Group posted second quarter earnings this morning, counting a net loss of $46.7 million during the quarter. Comparatively, the company posted $45.6 million net loss during the same period last year.

The bookseller reported total sales of $526.1 million for the quarter, falling 11.5 percent compared to the same period last year. At the same time, Borders.com sales rose 56.2 percent–earning $15.5 million.

Borders CEO Mike Edwards had this statment: “Recognizing that online and digital will be a significant part of our business moving forward, we are focused on increasing our share of the eBook market by growing our digital offerings to position Borders as the preferred destination for digital reading. Yet as we grow our online and digital business, we cannot underestimate the importance of our brick and mortar presence. This will be top of mind as we work on improving the in-store experience by shifting our product mix to include additional non-book products that are both compelling and relevant, and providing an escape for our customers though an inspirational in-store environment and consistent customer service.”

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