In its second-largest acquisition, Amazon buys the company for $970 million.
Web sales at Borders reached $26.4 million in the fourth quarter, 2.4% of Borders’ total Q4 sales of $1.08 billion. Because Borders took over operation of its web site last year from Amazon, the company did not report Q4 web sales from the year earlier.
E-commerce sales at Borders Group Inc. reached $26.4 million in the fourth quarter, equaling 2.4% of Borders’ total Q4 sales of $1.08 billion. Because Borders took over operation of its web site last year from Amazon.com Inc., the company did not report Q4 e-commerce sales from the year earlier. Total Q4 sales were down 12.9% from a year earlier.
As a proportion of the $842.5 million in sales at Borders stores, excluding Waldenbooks sales and international sales, the web accounted for 3.1% of sales.
Web sales reached $45.7 billion for the eight months of 2008 that Borders operated its own web site. Full-year sales at Borders were $3.2 billion, down 8.8% from 2007.
Net income in the fourth quarter was $29.6 million, less than half the net income of $64.7 million from a year earlier. For the full year, Borders’ recorded a net loss of $186.7 million compared to $157.4 million a year earlier.
In the fourth quarter, comparable store sales decreased by 15.3% at Borders stores and 4.7% at Waldenbooks stores. Book sales at Borders stores were down 11.7% and non-book sales down 21.1%.
For the year, Borders comparable-store sales decreased by 10.8%, with book sales down 8.2% and non-book sales down 16.1%. Waldenbooks comparable store sales were down 5.1%.
Borders operates 515 Borders stores and 386 Waldenbooks stores. It closed 112 Waldenbooks stores in 2008.