Barnes & Noble swings to fiscal 2nd-quarter loss
NEW YORK (AP) — Barnes & Noble Inc. shares tumbled in extended trading Thursday after the book retailer swung to a quarterly loss on declining sales.
The New York-based company reported a fiscal second-quarter loss of $39.2 million, or 52 cents per share, after earning $12.3 million, or 12 cents per share, a year ago. Losses, adjusted to account for discontinued operations and severance costs related to the spinoff of its college bookstore division, were 28 cents per share.
The bookseller posted revenue of $894.7 million in the period, down 4.5 percent year over year. Sales in stores open at least a year — a key metric of a retailer’s health — declined 1 percent. Nook e-reader sales slid 32 percent to $43.5 million on lower content sales.
For the holiday season, Barnes & Noble reported that third-quarter sales at established stores through the Black Friday weekend and excluding Nook products are up 1.1 percent.
Looking ahead to the whole fiscal year, the company said it still expects sales at established stores to be flat with the prior year.
Barnes & Noble shares have declined 21 percent since the beginning of the year through the end of regular-session trading on Thursday. The stock fell another 12 percent in after-market trading, to $10.65.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on BKS at http://www.zacks.com/ap/BKS
Keywords: Barnes & Noble, Earnings Report
This story has been corrected to show that Barnes & Noble’s shares have declined 21 percent since the beginning of the year, not 48 percent.