DETROIT (AP) — Borders said its losses narrowed in the first quarter although its same-store sales fell, and Wall Street greeted Tuesday's relaunch of the bookseller's retail Web site with a sell-off of its shares.
Ann Arbor-based Borders Group Inc. said it lost $31.7 million, or 53 cents per share, in the three months ending May 3, compared with a loss of $35.9 million, or 61 cents per share, for the comparable period of 2007.
Thomson Financial said analysts had expected a loss of 47 cents per share.
The nation's No. 2 retail bookseller behind Barnes & Noble Inc. released its earnings after the close of trading Tuesday. Its shares fell 47 cents, or 7 percent, to $6.25 in regular-session trading Tuesday and dropped another 5 cents in after-hours dealings.
The company says its results were hurt by store closure costs, severance costs and fees related to strategic alternatives.