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News Breaks
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November 24, 2009
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| 10:20 EDT |  | BGP |
| theflyonthewall.com: | Borders says will address any plans for an electronic reader in next eight weeks | | On the Q3 earnings conference call, Borders Group (BGP) president and CEO Ron Marshall said increased promotional spending did not create the intended sales lift in Q3 and the company is currently making the appropriate adjustments in its program. Marshall said "pockets" of its west coast region require more work, and additional resources have been dispatched to remediate the situation there. He also said this is an "unpredictable holiday selling season," as consumers remain unsettled and reactive to economic news; Marshall said he is confident the company has taken the necessary steps to prepare stores for this important quarter. The company said going forward, inventory levels on a per store basis in its core book category are expected to be above Q4 levels last year and also to be at a better in stock position. Borders is on plan to realize $120M of expected overhead and supply chain cost savings for 2009. CFO Mark Bierley said the company is in compliance with its debt agreements. Inventory in Q4 is expected to be up 4%-7% versus Q408, the CFO said. In the next few weeks, the company intends to have a "meaningful conversation" on any plans for an electronic reader. :theflyonthewall.com |
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