Borders Tanks on Weak Holiday Sales
ANN ARBOR, Mich. (
) --
Borders
(BGP)
is tanking Tuesday morning, after posting disappointing holiday sales.
The book retailer said same-store sales tumbled 14.6% for the 11 weeks ended Jan. 11. Total sales sank 13.7% to $846.8 million.
Sales at both its namesake chain and Waldenbooks were on the fritz, but international sales grew 8.7% to $44.4 million during the period.
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Borders said it is moving away from low-margin categories like music and video to focus on better performing categories like children's.
At the end of last year, the company said it would shutter 182 Waldenbooks.
Shares of Borders are falling 11% to $1.21 in morning trading.
-- Reported by Jeanine Poggi in New York.
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