Barnes & Noble Swings to Loss as Sales Slide
December 03 2015 - 4:40PM
Dow Jones News
Barnes & Noble Inc. swung to a loss and reported a decline
in sales in the first full quarter since completing the separation
of its college business.
Shares fell 7% in after-hours trading.
Barnes & Noble completed the spinoff of its college
bookstore group into a new publicly traded company, Barnes &
Noble Education Inc., in August.
But the core company has continued to struggle, on Thursday
reporting a 4.5% slide in sales to $895 million during its fiscal
second quarter. Retail sales, which includes brick-and-mortar
stores and online, fell 3.1% to $861 million, hurt by lower online
sales. Comparable sales—a key sales metric that excludes newly
opened or closed stores—declined 1%, but would have fallen 0.5%
excluding Nook products.
Nook, the struggling e-reader business, said sales slumped 32%
to $43.5 million amid lower content sales.
Over all, the company reported a loss of $39.2 million, or 52
cents a share, compared with a profit of $12.3 million, or 12 cents
a share, a year earlier.
On a continuing operations basis, per-share loss was 36 cents a
share.
Looking ahead to the current holiday quarter, Barnes & Noble
said comparable sales—a key sales metric that excludes newly opened
or closed stores—increased 1.1% through Black Friday weekend.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 03, 2015 17:25 ET (22:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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