Tuesday, Borders Group Inc. (BGP), a retailer of books, music and movies, said that its third-quarter loss narrowed from the prior year quarter.
The company's net loss narrowed to $37.7 million from $172.4 million in the prior year period. Basic loss per share was $0.63, lower than $2.90 in the year-ago period. On average, two analysts polled by Thomson Reuters expected the company to report a loss of $0.45 per share for the quarter.
On an operating basis, the company generated a loss from continuing operations of $39.0 million or $0.65 per share compared to a loss of $39.0 million or $0.64 per share a year ago.
Consolidated sales for the quarter declined to $595.5 million from $682.1 million in the comparable period.
On an operating basis, the segment generated a third quarter operating loss of $44.5 million, compared to an operating loss of $37.8 million for the same period a year ago. Including charges, the segment generated an operating loss in the third quarter of $46.2 million compared to an operating loss of $80.3 million the prior year.
Year-to-date net loss was $169.3 million or $2.82 per share, compared to a loss of $216.3 million or $3.59 per share a year ago. For the nine months, total revenue was $1.88 billion versus $2.19 billion for the last year
BGP is currently being traded at $1.82 down 40.19 or 9.45% on the NYSE.
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