Borders posts disappointing holiday results

Borders Group, Inc. (BGP) posted sales for the 11-week holiday period. The news was dismal, further showing how important the Kobo and Spring Design deals may be for them in 2010.

Total sales were $846.8 million, down 13.7% compared to the prior year. Borders stores proper (discounting Waldenbooks) sold $649.2 million, a 14.7% decrease. Factoring out multimedia sales (which they largely eliminated in store sales of) the decline was a marginally better 10.9%.

More information at PR NewsWire.

DISCLOSURE: While I do not currently own any shares of Borders, I did in 2009. I currently have small holdings in Barnes and Noble, a direct competitor of theirs.