Borders Cuts Forecast; Storms Hit Sales
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Bookseller Borders Group Inc.  BGP.N on Tuesday slashed its financial forecast, saying sales  were weaker than expected due in part to hurricanes, and that  profits during the key holiday season would miss Wall Street  estimates.
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Â· More bad weather on way for Wales and MidlandsÂ· Worst of rain stays away from battered north
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Severe weather and heavy storms batter much of the UK, causing disruption and delay for travellers.
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Consumers lured by clearance sales and a fresh assortment of spring clothes gave many of the nation's retailers solid sales in January and hopes for even stronger business in the months ahead. Late-month snowstorms in the Midwest and Northeast depressed results for some merchants, but didn't hurt the industry's overall performance.
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Book retailer Borders Group Inc.  on Tuesday posted a quarterly loss versus a year-ago profit due to sluggish store traffic and a slowdown in sales of bestsellers.
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U.S. car and truck sales likely slowed  in October from incentive-driven, surprisingly strong levels in  September, and Detroit automakers look set to take most of the  fall.
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With Boxing Day falling on a Sunday, retailers reported more modest crowds than in the past at annual discount sales. But they expect to do brisk business this week, as many Canadians will not return to work until the new year.
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U.S. car and truck sales likely slowed in October from incentive-driven, surprisingly strong levels in September, and Detroit automakers look set to take most of the fall.
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NEW YORK Crude oil prices are falling sharply as traders anticipate warmer weather in the US later in the week. Also pulling futures prices down are the weekend snowstorms in the Midwest that kept motorists off the road and planes grounded.
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Borders Group Inc. on Tuesday revised its third-quarter outlook to a loss of 1 cent to 3 cents per share because of slumping sales. The nation's second-largest bookseller previously had forecast earnings of as much as 3 cents per share.
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A cold front trekking toward the East Coast was expected to bring scattered showers from the Mid-Atlantic to the Northeast, while showers and thunderstorms were forecast for the Southern Plains.
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Frigid winter winds blew life into U.S.  retailers' January sales as consumers snapped up cold weather  clothes that were left on the shelves from the holiday season.
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HOME furnishings firm Courts yesterday issued a profits warning after Hurricane Ivan delivered a blow to its trading. The London-based company, which has 91 stores in the Caribbean, said the storm forced the
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Post-holiday clearance sales and gift-card redemptions boosted January sales at major U.S. retailers, but the harsh winter weather that hit the Northeast and Midwest late in the month capped consumers' spending.
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Many U.S. retailers are expected to  report disappointing December sales later this week, hurt by  everything from the challenging economy to unfavorable weather  to the calendar, which shifted more holiday sales to November.
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Sputtering U.S. economy forces shipper to cut forecast.
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Storms that raked the Plains took aim at the Great Lakes and East Coast early Friday, while more wet weather was forecast for the West.