Borders Group, Inc. (NYSE:
BGP) today reported results for its second quarter ended
July 31, 2010. Highlights include:
- Second quarter sales were $526.1 million, down 11.5% from the same period a year ago, with comparable store sales declining by 6.8%. Borders.com sales increased 56.2% over the prior year, to $15.5 million.
- The company generated a loss from continuing operations in the second quarter of $51.6 million or $0.74 per share compared to a loss of $45.1 million or $0.75 per share for the same period a year ago.
- Debt net of cash decreased compared to the first quarter by 13.7%, or $41.5 million. It increased by 2.7% compared to the second quarter of last year, to $262.1 million.
"While we continue to succeed in strengthening our financial structure, we are highly focused on driving profitable sales and increasing market share," said Mike Edwards, CEO of Borders. "Based on extensive consumer research, we are doing a number of things to excite our customers going into the critical holiday shopping season, including launching our new Borders Rewards program, which includes the new paid Borders Rewards Plus. Recognizing that online and digital will be a significant part of our business moving forward, we are focused on increasing our share of the eBook market by growing our digital offerings to position Borders as the preferred destination for digital reading. Yet as we grow our online and digital business, we cannot underestimate the importance of our brick and mortar presence. This will be top of mind as we work on improving the in-store experience by shifting our product mix to include additional non-book products that are both compelling and relevant, and providing an escape for our customers though an inspirational in-store environment and consistent customer service."
Second Quarter Results
All earnings/loss figures reported throughout this news release are on a GAAP basis unless otherwise noted, and exclude the results of discontinued operations. Beginning with this news release, the company will report results as a single segment. This change is the result of the sale of the company's Paperchase subsidiary during the second quarter of 2010, which constituted the majority of the previously-reported International segment. The company classified the sale and operations of Paperchase as a discontinued operation.
Second quarter sales were $526.1 million, down 11.5% from the same period a year ago, with comparable store sales declining by 6.8%. Sales were positively impacted by Borders.com, which saw a second quarter increase of 56.2% over the prior year, to $15.5 million.
The company generated a second quarter loss from continuing operations of $51.6 million or $0.74 per share compared to a loss of $45.1 million or $0.75 per share for the same period a year ago, driven primarily by decreased gross margin. As a percent of sales, gross margin decreased from 23.0% to 19.3% in the second quarter, resulting from increased promotional discounts and the de-leveraging of fixed occupancy costs caused by negative comparable store sales.
SG&A expense as a percent of sales improved in the second quarter to 26.5% from 27.3%, and declined in dollars by $22.7 million. This was due to the company's continuing aggressive expense reduction and store closure efforts, which were partially offset by de-leveraging due to negative sales trends.
Second quarter capital expenditures were $7.7 million compared to $1.2 million for the same period a year ago. Spending in the second quarter of 2010 was focused on the development of the Borders eBook store, which launched during the second quarter, and spending on "Area-e" shops.
Debt net of cash at the end of the quarter totaled $262.1 million compared to $255.3 million last year, a $6.8 million or 2.7% increase. The company was able to reduce the amount outstanding under its $90.0 million term loan by $25.0 million through the sale of its Paperchase subsidiary for $31.2 million in the quarter.
Borders' Focus on the Future
Expanding Digital, Online and Social Media
The company is leveraging its strong brand recognition among book lovers — particularly its millions of Rewards members — to position Borders as the preferred destination for both digital content and devices. Borders' recently launched eBook store has been very well received by customers. In line with its vision to be a trusted retailer that provides customers with a variety of eReading devices at prices that fit virtually all budgets, the company is now offering six devices including the Kobo eReader, Aluratek "Libre" eBook Reader Pro, Velocity Micro Cruz™ Reader and Velocity Micro Cruz™ Tablet as well as two Sony devices. Sales of the Kobo as well as pre-orders for the Aluratek and Velocity Micro devices have exceeded expectations. The company expects to announce additional devices in the coming weeks.
The company is taking further steps to make eReading accessible for virtually everyone by lowering the price of the Kobo unit to $129.99 and the Libre Pro to $99.99, which will make it among the most aggressively priced devices in the industry. Borders will complete its digital initiative with the roll out of its Area-e digital shops, which will conclude in early October. The shops will provide an enjoyable environment where customers can experience a variety of different eReaders, guided by knowledgeable staff, who can demonstrate the devices and answer questions.
"Borders is now an industry authority on digital content and devices," said Edwards. "We offer a large assortment of eReaders at price points that fit with most budgets and we are exploring adding new devices and brands in the fourth quarter as part of our device neutral strategy. As our newly launched eBook store and mobile apps gain traction, we believe we hold a strong growth position within a digital ecosphere that is rapidly evolving and expanding."
The company is currently executing programs to increase conversion rates and drive increased traffic to Borders.com. It recently introduced its new "Borders Textbook Marketplace," which features more than 1.4 million titles and a textbook buyback option. Borders is also expanding its merchandise mix online to include high growth and higher margin product.
Understanding the importance of connecting with customers where they spend their time, the company is expanding its social media footprint. It recently introduced the "Facebook Like" feature on all title detail pages, allowing customers to share their favorite books and other products with their friends on Facebook. The company also recently revamped its Facebook page to include rich content around topics and themes important to Borders' customers. In just one week after the launch of the new page, the company grew its fan base by more than 100,000 members.
Committed to Improving the Retail Experience and Strengthening the Borders Brand
Borders' research has indicated that most customers come to Borders to escape the pressures of everyday life. To promote a relaxed and hassle-free shopping experience, the company is enhancing its stores with new signage that improves navigation and highlights value offerings. Borders is also reorganizing sections to promote discovery and enhance shopability. Recognizing that it must improve store productivity to address the top line, the company is also shifting its merchandising mix to include more non-book products that complement the Borders brand.
The Children's section represents a key growth platform. To that end, the company is taking steps to provide a retail experience that is both fun and educational for kids and their families by expanding the assortment of educational kids toys and games. In addition, the company recently launched a partnership with Build-A-Bear Workshop to include several Build-A-Bear craft kits as well as other products in the Children's area. Borders is also continuing to focus on products that increase the average ticket and provide clear margin improvements including growing its Bargain and value book category.
In addition to growing and expanding into categories that delight customers, the company is also discovering new ways to enhance guest satisfaction. Borders will soon announce a new customer service program that will complement the company's successful — and the industry's only — In-Stock Guarantee, which means that customers always find what they are looking for when they shop with Borders.
"We are taking steps to transform our retail model, in part through high-impact strategic partnerships, like Build-A-Bear Workshop, that enable us to offer a compelling mix of lifestyle focused products," continued Edwards. "By offering a rich and relevant selection of product – both book and non-book – together with an exceptional customer experience, we will differentiate Borders from others in the marketplace.
"The customer research we have gathered will inform these changes and ultimately redefine the Borders brand going into 2011 and beyond."
New Loyalty Program with a Focus on Customer Segmentation
As previously announced, today the company launched a new paid customer loyalty program — Borders Rewards Plus with an annual fee of $20 — as well as a free enhanced program. Borders is the only major bookseller to offer both a paid and free program. In addition, the company is using segmentation to drive customer engagement and sales through e-mails that include targeted discounts as well as personalized content such as specific title recommendations and local event notifications. Nearly 40 million people have signed up for the program since it originally launched in 2006.
Conference Call Today, Sept. 1 at 10 a.m. Eastern
Management will hold a conference call today at 10 a.m. Eastern. This call will be webcast by Thomson Financial and can be accessed at www.bordersgroupinc.com. A replay will be accessible on the Web site through Sept. 15. In addition, a replay phone service will be available toll-free at (800) 642-1687, passcode 91309569; or for international calls at (706) 645-9291, passcode 91309569. The phone service will be available through Sept. 15 until 11:59 p.m. Eastern.
About Borders Group
Headquartered in Ann Arbor, Mich., Borders Group, Inc. (NYSE: BGP) is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks® stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, vist http://www.borders.com/investors.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expects," "planning," "preparing," "possibility," "opportunity," "goal," "will," "may," "intend," "anticipates," "working toward" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address matters such as the company's future financial condition and performance (including earnings per share, liquidity, cash flows, debt levels, market share growth and other sales information, inventory levels and capital expenditures), its strategic initiatives such as the expansion of product categories, including eBook content and eReaders and contemplated strategic partnerships. These statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the company's forward-looking statements.
These risks and uncertainties include, but are not limited to, consumer demand for the company's products, particularly during the holiday season, which is believed to be related to general economic and geopolitical conditions, competition and other factors; the availability of adequate capital – including vendor credit – to fund the company's operations and to carry out its strategic plans; adverse litigation results or other claims; the performance of the company's information technology systems; with respect to eBook content and eReaders, the availability to the company of anticipated content levels and a variety of competitive devices; and, with respect to strategic partnerships, the ability to identify and reach agreements with acceptable partners.
The company's periodic reports filed from time to time with the Securities and Exchange Commission contain more detailed discussions of these and other risk factors that could cause actual results and plans to differ materially from those included in the forward-looking statements, and those discussions are incorporated herein by reference. The company does not undertake any obligation to update forward-looking statements.
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Borders Group, Inc. Financial Statements
| |
(amounts in millions, except per share amounts)
| |
Unaudited
| |
Sales and Earnings Summary
| |
| Quarter Ended
|
| Six Months Ended
| |
| July 31,
2010 (1)
|
| August 1,
2009 (1)
|
| July 31,
2010 (1)
|
| August 1,
2009 (1)
| |
|
Sales
| $ 526.1
|
| $ 594.2
|
| $ 1,046.1
|
| $ 1,214.0
| |
|
Other revenue
| 4.3
|
| 7.6
|
| 9.0
|
| 15.9
| |
Total revenue
| 530.4
|
| 601.8
|
| 1,055.1
|
| 1,229.9
| |
|
Cost of goods sold, including occupancy costs
| 428.8
|
| 465.5
|
| 852.3
|
| 956.9
| |
Gross margin
| 101.6
|
| 136.3
|
| 202.8
|
| 273.0
| |
|
Selling, general and administrative expenses
| 139.3
|
| 162.0
|
| 274.8
|
| 328.4
| |
|
Asset impairments and other writedowns
| -
|
| -
|
| -
|
| 0.1
| |
Operating loss
| (37.7)
|
| (25.7)
|
| (72.0)
|
| (55.5)
| |
|
Interest expense
| 9.0
|
| 5.2
|
| 15.9
|
| 11.7
| |
|
Warrant/put expense
| 4.5
|
| 14.7
|
| 27.9
|
| 63.8
| |
|
Total interest expense
| 13.5
|
| 19.9
|
| 43.8
|
| 75.5
| |
Loss before income taxes
| (51.2)
|
| (45.6)
|
| (115.8)
|
| (131.0)
| |
|
Income taxes (benefit)
| 0.4
|
| (0.5)
|
| 0.8
|
| 1.1
| |
Loss from continuing operations
| $ (51.6)
|
| $ (45.1)
|
| $ (116.6)
|
| $ (132.1)
| |
|
Income (loss) from operations of discontinued operations (net of tax)
| (2.9)
|
| (0.5)
|
| (2.4)
|
| 0.5
| |
|
Gain from disposal of discontinued operations (net of tax)
| 7.8
|
| -
|
| 8.2
|
| -
| |
|
Gain (loss) from discontinued operations (net of tax)
| 4.9
|
| (0.5)
|
| 5.8
|
| 0.5
| |
Net loss
| $ (46.7)
|
| $ (45.6)
|
| $ (110.8)
|
| $ (131.6)
| |
|
|
|
|
|
|
|
| |
|
Basic EPS from continuing operations
| $ (0.74)
|
| $ (0.75)
|
| $ (1.80)
|
| $ (2.20)
| |
|
Basic EPS from discontinued operations
| $ 0.07
|
| $ (0.01)
|
| $ 0.09
|
| $ 0.01
| |
|
Basic EPS including discontinued operations
| $ (0.67)
|
| $ (0.76)
|
| $ (1.71)
|
| $ (2.19)
| |
|
Basic weighted avg. common shares
| 69.5
|
| 60.2
|
| 64.8
|
| 60.1
| |
|
Comparable Store Sales
|
|
|
|
|
|
|
| |
|
Bookstores
| (6.8)%
|
| (17.0)%
|
| (9.1)%
|
| (14.8)%
| |
| | | | | | | |
|
|
|
|
|
|
|
| |
Sales and Earnings Summary (As Percentage of Total Sales)
| |
| Quarter Ended
|
| Six Months Ended
| |
| July 31,
2010 (1)
|
| August 1,
2009 (1)
|
| July 31,
2010 (1)
|
| August 1,
2009 (1)
| |
|
Sales
| 100.0
|
%
| 100.0
|
%
| 100.0
|
%
| 100.0%
| |
|
Other revenue
| 0.8
|
| 1.3
|
| 0.9
|
| 1.3
| |
Total revenue
| 100.8
|
| 101.3
|
| 100.9
|
| 101.3
| |
|
Cost of goods sold, including occupancy costs
| 81.5
|
| 78.3
|
| 81.5
|
| 78.8
| |
Gross margin
| 19.3
|
| 23.0
|
| 19.4
|
| 22.5
| |
|
Selling, general and administrative expenses
| 26.5
|
| 27.3
|
| 26.3
|
| 27.1
| |
|
Asset impairments and other writedowns
| -
|
| -
|
| -
|
| -
| |
Operating loss
| (7.2)
|
| (4.3)
|
| (6.9)
|
| (4.6)
| |
|
Interest expense
| 1.7
|
| 0.9
|
| 1.5
|
| 1.0
| |
|
On Sept. 1, Borders will officially unveil its new Rewards loyalty program, bringing Borders customers more choices, richer benefits and better savings. Consumers can now choose from two forms of Rewards — a free, enhanced Rewards program, or the new "Borders Rewards Plus" program, which for $20 per year delivers savings on nearly all Borders merchandise, and free shipping on virtually all online orders. Borders is the only major bookseller to provide consumers with a choice of loyalty programs.
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To celebrate, members can earn "Borders Bucks" twice as fast beginning tomorrow though Sept. 6. Typically, members earn $5 in Borders Bucks for every $150 they spend annually, but during this period, Borders will double the spend to bring the member closer to the $150 threshold faster. For example, if a member spends $50, Borders will double that amount bringing the total spend to $100. If a member spends $75, Borders will double that amount bringing the total spend to $150, resulting in the member receiving $5 in Bucks.
"We saw a great opportunity to differentiate Borders in the marketplace by offering the choice of a paid program or a free program," said Borders CEO Mike Edwards. "Beginning tomorrow, the new Rewards program will provide members with more relevant content, benefits and discount offers. It's yet another example of Borders' commitment to creating an outstanding customer experience."
For the last several months, Borders has been conducting extensive research on what customers want most in a loyalty program. The company used the research to shape the reinvention of Rewards, which includes nearly 40 million sign ups, from a one-size-fits-all-model to one that engages with each member individually with specific discounts. Members also receive personalized and relevant content such as title recommendations and notifications of local events including author signings and other entertainment activities.
Borders Rewards Plus and the free, enhanced Borders Rewards program both offer a rich array of benefits and savings, such as exclusive in-store and online discounts, personal shopping days, free coffee, a free birthday gift, and Borders Bucks, of course.
In addition:
- Members of the free, enhanced program will receive 30 percent off the list price of hardcover bestsellers and free shipping on online orders of $25 or more.
- Members of the Borders Rewards Plus program will receive 40 percent off the list price of hardcover bestsellers, 20 percent off the list price of select hardcovers, 10 percent off the purchase price of most everything else — and free shipping on virtually all online orders.
Rewards for teachers
As part of its longstanding commitment to supporting educators, Borders has made its Rewards program more teacher-friendly. Upon the program's launch, teachers who are currently Rewards members will receive a personal shopping day where they will enjoy a 10 percent discount off the purchase price on top of the 25 percent discount they already receive on eligible items. In addition, beginning Oct. 1, parents, friends and families can donate Borders Bucks they've accrued to their favorite teacher. The teacher can then use the donation to buy classroom supplies.
For complete information on Rewards, to sign up to become a Rewards member or register as a teacher to receive Borders Bucks, visit www.Borders.com/Rewards.
About Borders Group, Inc.
Headquartered in Ann Arbor, Mich., Borders Group, Inc. (NYSE: BGP) is a leading specialty retailer of books as well as other educational and entertainment items. The company employs approximately 19,500 throughout the U.S., primarily in its Borders® and Waldenbooks® stores. Online shopping is offered through borders.com. Find author interviews and vibrant discussions of the products we and our customers are passionate about online at facebook.com/borders, twitter.com/borders and youtube.com/bordersmedia. For more information about the company, visit borders.com/media.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these forward-looking statements by the use of words such as "expected," "planning," "possibility," "opportunity," "goal," "will," "may," "intend," "anticipates," "working toward" and other words of similar meaning. One can also identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address matters such as the company's future financial condition and performance (including earnings per share, profitability, liquidity, cash flows, debt levels, market share growth and other sales information, inventory levels and capital expenditures), its cost reduction initiatives and plans for store closings, and the expansion of product categories, including eBook content and eReaders. These statements are subject to risks and uncertainties that could cause actual results and plans to differ materially from those included in the company's forward-looking statements.
These risks and uncertainties include, but are not limited to, consumer demand for the company's products, particularly during the holiday season, which is believed to be related to general economic and geopolitical conditions, competition and other factors; the availability of adequate capital--including vendor credit--to fund the company's operations and to carry out its strategic plans; adverse litigation results or other claims, the performance of the company's information technology systems, the anticipated impact of our Borders Rewards and Borders Rewards Plus programs; and, with respect to eBook content and eReaders, the availability to the company of anticipated content levels and a variety of competitive devices.
The company's periodic reports filed from time to time with the Securities and Exchange Commission contain more detailed discussions of these and other risk factors that could cause actual results and plans to differ materially from those included in the forward-looking statements, and those discussions are incorporated herein by reference. The company does not undertake any obligation to update forward-looking statements.
SOURCE Borders
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Ralph Crosby, founder and CEO of one of the nation's leading marketing communications firms, has written a new book; It's The Customer, Stupid! Lessons Learned in a Lifetime of Marketing. In it, Crosby says that any organization's success starts and ends with the customer, not with its products or services. Using examples and stories of both marketing success and failure, It's The Customer, Stupid! offers guidance on how to achieve better business results through customer focus and satisfaction.
The book explains how Crosby's education as a marketer led to his understanding of the critical nature of the customer-centric approach, especially in today's fast-paced marketing environment, which blends traditional media with new, online media.
The author contends that if you are in business – for profit or nonprofit – you must focus on those whose satisfaction is key to the organization's success, be they buyers, members, contributors, patients, clients, volunteers, subscribers, employees or suppliers.
The lessons learned by the author started in his hard-working youth, grew in his early career as a successful journalist, and flourished in his more than 30 years as head of Crosby Marketing Communications, now one of the largest advertising/PR agencies in the mid-Atlantic region. The firm is ranked #260 on Advertising Age's list of the country's 500 largest agencies. It has offices in Annapolis, Md., and Washington, D.C.
The book recounts lessons the author learned through hands-on experience and the personal teachings of such experts as the late Peter Drucker, known as "the father of modern management."
Among the subjects covered in the book:
- Best practices in the customer-centric process.
- How to bond with your customer.
- Sending the right message to the customer.
- Avoiding the myths and mistakes of marketing.
- Customer engagement in the Internet age.
- New media + old media = The future of marketing.
Copies of the book can be purchased from Crosby Marketing at www.crosbymarketing.com. The price is $19.95 plus shipping and handling. Quantity discounts are available.
In concert with the book's publication, Mr. Crosby has begun a blog on customer-centric marketing: www.its-the-customer-stupid.com.
SOURCE Crosby Marketing
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RELATED LINKS
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FastPencil Launches FastPencil Premiere Imprint Designed Specifically for Top-Tier Authors
FastPencil Premiere Provides Best-Selling Authors with Unparalleled Control, Speed to Market and Higher Royalties
CAMPBELL, Calif., Sept. 2 /PRNewswire/ -- FastPencil today announced FastPencil Premiere (http://premiere.fastpencil.com), a new and exclusive line of general interest titles that provides top-tier and best-selling authors a publishing home with all the benefits of FastPencil's integrated suite of digital and social media publishing services to produce and publish the best in book content. Several best-selling authors are leveraging FastPencil Premiere to use its high-quality services to publish print and eBook versions of their titles in a simple, fast and top-quality fashion, while also gaining much higher royalties with more frequent payout.
"FastPencil exemplifies a fresh way of thinking during a transformative time in the industry and I'm very excited to be working with them," said Guy Gilchrist, an award-winning cartoonist. "With their digital publishing tools they are able to provide me with unprecedented support, speed to market, higher royalty rates and more frequent payments - but best of all, the team at FastPencil is incredibly creative, responsive and professional."
Gilchrist - a skilled cartoonist and children's book author whose work includes the comic strip Nancy, Your Angels Speak, Night Lights & Pillow Fights, Screams, The Poetry Guy, The Muppets and The Rock Channel, has recently selected FastPencil to publish his cartoons in print and eBook formats and his latest book, The Best of Today's Dog, is now available at FastPencil, Amazon and iBookstore.
FastPencil Premiere offers companies and organizations planning to launch new book publishing ventures the best in proprietary and pioneering technology and also plans to break and introduce top-notch new talent to the public. FastPencil's digital and social media platforms provide incredible improvements and advantages over traditional publishing houses, including speed to market, transparency throughout the publishing process and a superior return on investment with a much larger share of royalties.
"More and more mid- and top-tier authors are using FastPencil and we have created a special place tailored to their needs," said Steve Wilson, FastPencil co-founder and CEO. "Best-selling authors no longer need to line up for the tedious traditional publishing "go to market" plan – and instead can take back control of their work and reap all the benefits along the way."
In utilizing a next-generation digital publisher such as FastPencil, authors have the opportunity to move swiftly through the book writing and publishing process. FastPencil provides professional design templates, robust import and tools and collaboration features enabling authors to invite editors and their book design team into the project no matter where they are geographically before moving into distribution. FastPencil's concierge team can provide custom design, editing and marketing services and the publishing wizard ensures that all of the important details in publishing are taken care of including table of contents, ISBN, dedications and copyright details.
At FastPencil authors can sell more books and maintain complete control of content creation, price, distribution decisions and sales activity. FastPencil's relationships with thousands of book and eBook retailers ensures that each of their authors' books are available to the broadest possible audience and the write-once, publish anywhere approach guarantees their books can be read anywhere today and in the future.
FastPencil Features:
- Free book writing tools
- Professional book design templates
- Import manuscripts, turn blogs to books or write collaborative stories
- Connect and share through Twitter, Facebook, Gmail, AOL, Yahoo and MSN
- Author concierge services including consulting, design services and formatting
- Collaborate with your book creation team, personal network of friends or industry professionals
- Integrated self-publishing wizard for step-by-step assistance
- Print on Demand or to eBook formats
- Wide distribution including iBookstore, Amazon and Barnes & Noble
About FastPencil
FastPencil is leveraging the disruptive trends of self-publishing, social media, print-on-demand and eBook distribution to deliver a new unified online service that streamlines the book publishing process offering more control and higher margins for authors. The FastPencil writing and publishing service enables authors to create books online, collaborate, publish and distribute from one engaging, simple, cost-effective solution. For more information please visit FastPencil.com.
For regular FastPencil updates follow us at www.Twitter.com/FastPencil
Become a Fan on Facebook at www.Facebook.com/FastPencil
FastPencil is a registered trademark of FastPencil, Inc. All other registered or unregistered trademarks are the sole property of their respective owners.
SOURCE FastPencil
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