Borders reported their first quarter results with little change to show for the new strategy that they are in the process of executing. Overall revenue up versus the same period last year however, same store sales were lower with books revenues slightly worse than last year, DVDs flat and music lower. PaperChase - the stationary misfit - continued to perform better than forecast. The company opened four new superstores during the period which contributed to the overall revenue increase.
There was little news on the new strategy other than to say the company is proceeding with the sale of the international stores where revenues were slightly better than the same period last year.
Readers may recall the aborted debt refinancing the company attempted earlier this year and in the press release the company noted that they expect to seek between $150 - $200million in term loan financing sometime during the second quarter. Perhaps the second time they will explain how this refinancing will benefit shareholders.