And like its chain counterparts Barnes & Noble and Books-a-Million, Borders reports that for the nine-week period ending December 30, 2006, comparable store sales at Borders domestic superstores decreased by 1.9%, which is lower than management’s prior projection and driven primarily by a decline in store traffic. At $1.1 billion, total consolidated sales increased by 3.5% over the same period last year, and sales within Borders domestic superstores were $709.2 million, which represents a 2.7% increase over the same period in 2005.
“The holiday season was very competitive and highly promotional. We are disappointed that store traffic and sales trends were not better, especially considering the significant investment made in the Borders Rewards loyalty program,” said Borders Group Chief Executive Officer George Jones. “Borders Rewards provides our company with many competitive advantages. By applying what we learned from it this holiday season, we will make modifications to the program to improve it going forward.”
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