Borders Group sales drop 13.7% during holiday season
Ann Arbor, Mich. Borders Group reported a 13.7% drop in total sales for the 11-week holiday period ended Jan. 16, to $846.8 million.
The company called the results “disappointing” and said it is taking steps to manage cash flow and move away from low-margin, underperforming categories such as music and video.
Within its superstore segment, sales fell 14.7% to a total of $649.2 million. Same-store sales at the Borders superstores were down 14.6%, but factoring out multimedia, same-store sales were down a less-sharp 10.9%. Gross margins improved in December as it reduced promotional spending.
Within the Waldenbooks Specialty Retail segment, total sales fell 14.6% to $153.2 million. Same-store sales for Waldenbooks stores that will remain open beyond the end of this month declined 9.4%. As reported, Borders Group is closing 182 Waldenbooks Specialty Retail stores.
Kohl’s donates $250K for Haitian relief
MENOMONEE FALLS, Wis. Kohl’s announced that it has doanted $250,000 toward earthquake relief efforts in Haiti. Kohl’s is providing this donation to the American Red Cross, which is delivering much-needed emergency supplies and services in the earthquake-impacted areas through its Haiti Earthquake Relief Fund.
“As a family-focused department store, our hearts go out to the tens of thousands of families impacted by the catastrophic damage caused by this week’s earthquake,” said Julie Gardner, Kohl’s EVP and chief marketing officer. “The loss is great, the need is immense, and Kohl’s is proud to be in a position to help during this tragedy.”
Kmart to provide coats for Detroit kids
DETROIT Kmart announced that it is partnering with WADL-TV38 to provide free coats to Detroit school children on Martin Luther King, Jr. Day on Jan. 18.
“The economy and the extreme pressure on auxiliary services and organizations that help the community are tremendous. We consider ourselves fortunate that someone from our community would be so generous for the benefit of Detroit’s school children,” states Denise Dody Johnson marketing and public relations director.