Borders Group managed to cut its losses for the fiscal yearended January 30, although the improvement came in part from a $32.4 milliontax refund. The loss from continuing operations was $110.2 million in the mostrecent year, down from $184.7 million in 2008. The pretax loss showed a lessdramatic decline, although it still fell from $154.5 million to $139.7 million.Total revenue declined 13.8%, to $2.82 billion, due to store closings and adecline in same store sales.
In its superstore segment, sales fell 13.7%, to $2.3 billion,as comp store sales declined 14.4% (10.8% excluding multimedia) and the chainclosed seven stores to finish the year with 508 superstores. Total revenue inthe Walden Specialty Retail segment fell 19.3%, to $387.3 million, due to acombination of a 8.1% decline in comp sales and the closure of 212 stores.There are now 175 outlets in the specialty group.
In a prepared statement, interim CEO Mike Edwards said "Restoring the financial health and profitability of the company remains our top priority." With the completion of new financing arrangements, Edwards added, the retailer will put more emphasis on "growing market share by acquiring, engaging and retaining customers through a transformation of the Borders brand."