Borders Q2 Results

Yesterday afternoon Borders reported results for the second fiscal quarter, ended Aug. 4, 2007. At $945.1 million, second quarter consolidated sales were up by 10.4% over the same period in 2006. Led by record sales of HARRY POTTER AND THE DEATHLY HALLOWS, comparable store sales within domestic Borders superstores increased by 4.6%. The company recorded a second-quarter consolidated loss, on a GAAP basis, of $0.43 per share. Excluding non- operating charges, the second quarter consolidated loss was $0.26 per share.

“Progress is clearly being made at Borders Group as we continue to execute our strategic plan and are beginning to see improved performance,” said Chief Executive Officer George Jones. “Harry Potter certainly gave us a big boost in sales across all businesses, yet even without it, we achieved positive same-stores sales results that are directly attributable to our focus on execution and more effective use of the Borders Rewards loyalty program to drive increased traffic to our stores. We have significantly more work to do, and we remain committed to staying on-track to deliver sales and earnings growth consistent with the long-term financial goals we set forth in our strategic plan.”

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