Borders Says Loss Wider Than Expected
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Borders Group Inc. said it expects a third-quarter loss of about 4 cents a share, wider than the 1-cent loss analysts expected.
Sales at Borders superstores open at least a year will be flat to down 1%, while sales at the Waldenbooks unit will be down about 5%, the Ann Arbor, Mich.-based bookseller said.
Borders lost a store at the World Trade Center and was forced to close Waldenbooks stores temporarily as malls shut down after the terrorist attacks.
The company said sales have recovered modestly since the attacks, but customer purchases dipped Sunday as the U.S. staged retaliatory attacks in Afghanistan.
The company said its loss estimate assumes that it will recover insurance money for the Borders store lost at the World Trade Center.
Borders Group shares fell 12 cents to $20.05 on the NYSE.
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