Borders targeting UK growth
Book retailer building on sales success
Borders plans new stores in the UK as part of an international growth drive.
The book and music retailer has reported higher-than-expected sales for the three months to July 25. Total sales for the period were $847.1m, up up 2.4 per cent over second quarter of 2003 and stronger than anticipated in comparison to a year ago, when the fifth book in the Harry Potter series generated strong demand.
Chief financial officer Ed Wilhelm said the group, which has more than 1,200 stores worldwide, plan to open new stores in the UK and Australia, and is also looking at opening Borders stores in India, which has a big English-speaking population.
Across the quarter, total sales in the company’s international segment grew to $104.3 million, an 18.3 per cent year-on-year increase. The group has 37 Borders superstores outside North America, as well as 36 Books etc. stores in the UK.
Borders chief executive Greg Josefowicz said: “Borders Group is pleased to have delivered sales and earnings growth in what was, as anticipated, a challenging second quarter on the top line relative to 2003.
He added: “We are also pleased to have completed the acquisition of Paperchase Products and the licensing agreement with Seattle’s Best Coffee during the quarter. By leveraging these strong brands, we will continue to enhance our product offering to customers while remaining focused on our core strength in bookselling.”
