Borders Profit More Than Doubles
Borders Group Inc., the second-largest U.S. bookseller, said fiscal fourth-quarter net income more than doubled, helped by holiday demand for bestsellers, movie-related merchandise and stationery.
Excluding certain items, profit was $111.7 million, or $1.35 a share, Borders said. On that basis, results beat the $1.33 average estimate of analysts polled by Thomson Financial/First Call.
Net income including one-time items rose to $109.3 million, or $1.32 a share, from $51.1 million, or 64 cents, a year earlier.
Shares of Ann Arbor, Mich.-based Borders fell 12 cents to $22.43 on the NYSE, before the results were released.
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