PORTLAND, Ore. – Bookseller Borders Group Inc. said Tuesday that it narrowed its losses and slashed its
debt during the second quarter, but continued to see sales slow as consumers limited their discretionary spending.
The Ann Arbor, Mich.-based company said it lost $9.2 million, or 15 cents a share, for the quarter ending Aug. 2. That compares with a loss of $25.1 million, or 43 cents a share for the same quarter of last year.
“We’re very pleased,” Borders Group CEO George Jones told The Associated Press. “We feel like we’ve been managing our business very well and cutting expenses.”
Investors greeted the results with optimism, sending Borders’ shares up more than 7 percent in after-hours trading.
The company, which has been restructuring and selling some business units, said that it lost $11.3 million, or 19 cents a share, from its continuing operations, compared with a loss of $18.1 million, or 31 cents a share, last year. … continue reading this entry.






