Shares of Borders Group Inc. (BGP) have slipped nearly 7% so far today, after the company reported a wider-than-expected fiscal second-quarter loss.
The operator of book and music superstores posted an adjusted loss of 21 cents per share, compared to the Zacks Consensus Estimate for a 16-cents loss.
The company said sales dipped 17.7% to $616.8 million, primarily due to sluggish performances at its namesake and Waldenbooks specialty retail stores. Same-store sales slipped nearly 18% at Borders superstores and 10% at Waldenbooks.
Meanwhile, the Zacks Consensus Estimate for the fiscal year ending Jan 2010 is currently pegged at 3 cents per share, which has remained steady over the past 2 months.
BGP, a Zacks #3 Rank (“Hold”) stock, is trading on higher-than-usual volume of about 635,000, compared to the average daily volume of approximately 484,000.
“BGP” Free Stock Analysis: Buy? Sell? Hold?
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