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Borders Shares Plummet as Loss Widens
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Bookseller Borders says its third-quarter loss widened because of falling sales, falling short of analyst estimates.
Shares of Borders [BGP
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], which closed at $1.68 Tuesday, plummeted more than 30 percent in extended trading Tuesday.
Borders reported a net loss of $175.4 million, or $2.90 per share, compared with $161.1 million, or $2.74 per share in the same quarter of last year. That includes charge of more than $133 million for tax and asset impairments.
Excluding charges, Borders says its loss was 64 cents per share.
The company says revenue dropped to $693.4 million, from $765.2 million in the same quarter last year.
Analysts surveyed by Thomson Reuters expected a loss of 50 cents per share, on average, on revenue of $726.5 million for the quarter.
- CNBC.com staff contributed to this report.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
