Sales Down, Forecast Lower at Borders
by Staff -- Publishers Weekly, 4/7/2003
With sales in "all business segments" at Borders Group below plan, the company has lowered its sales and earnings estimates for the first quarter, it announced last Thursday.
CEO Greg Josefowicz noted, "Traffic and sales have slowed as the nation focuses on the ongoing Iraq conflict." The situation at Borders mirrors that at general retailers, many of which have reported a drop in sales. So far in the current quarter, which began January 27, sales at Borders superstores open at least a year are down in the "mid single digits" while sales at Waldenbooks stores are down in the "low double digits."
The company added that it will likely change its full-year predictions of sales and earnings as well.
