Borders in black but flags sell-off

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The company has already shed its UK operations, selling its British and Irish subsidiaries to private-equity group Risk Capital Partners for £10 million.

Borders today suspended its quarterly dividend as chief executive George Jones said progress would be slowed by worsening economic conditions.

He said Borders had launched a strategic review that would investigate options for the business.

Net profits came in at $64.7 million (£31.9 million) against a $73.6 million loss this time last year.

Sales rose to $1.3 billion, representing a 2.8% increase on a year ago after excluding the impact of the extra week in fiscal 2006, according to the company.

Borders took a one-time $125.7 million after-tax loss related to the sale of its UK and Ireland operations.