Borders Group (BGP) Higher Following Smaller Q2 Loss
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Shares of book retailer Borders Group (NYSE: BGP) are up more than 7% in after-hours action Tuesday after the company reported a smaller-than-expected Q2 loss.
Borders Group reported a Q2 GAAP loss of $0.19, versus the analyst estimate of a $0.29 loss and last year's loss of $0.31. Revenues for the quarter were $749.2 million, versus the consensus of $782.89 million.
CEO George Jones said, "We have not only improved profitability, but also substantially reduced debt, improved cash flow and significantly strengthened our balance sheet."
Borders Group, Inc., through its subsidiaries, operates book, music, and movie superstores. It also operates mall-based bookstores.
Borders Group reported a Q2 GAAP loss of $0.19, versus the analyst estimate of a $0.29 loss and last year's loss of $0.31. Revenues for the quarter were $749.2 million, versus the consensus of $782.89 million.
CEO George Jones said, "We have not only improved profitability, but also substantially reduced debt, improved cash flow and significantly strengthened our balance sheet."
Borders Group, Inc., through its subsidiaries, operates book, music, and movie superstores. It also operates mall-based bookstores.
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