Barnes & Noble Q1 loss widens after charge
NEW YORK, May 18 Reuters) - Barnes & Noble Inc.<BKS.N> the
largest bookstore chain in the U.S., said on Wednesday that
despite higher sales, its first quarter net loss widened to
$5.9 million after one-time accounting charge related to new
store openings.
The New York-based company posted a first quarter loss per
diluted share of 9 cents compared with a loss per share of 5
cents, or net loss of $3.3 million, in the same period a year
ago.
It lost 2 cents per share excluding the $4.5 million, or
$0.07 cent per share, charge stemming from a change in
accounting that required it to write off certain store opening
costs as incurred instead of over a 12-month period.
Based on income from continuing operations, Wall Street
analysts had expected the company to lose 5 cents per share,
according to First Call Corp., which tracks analyst consensus
estimates.
Barnes & Nobles, which operates 521 stores under its name
and 466 B. Dalton stores, said its first quarter sales climbed
9.3 percent to $718.3 million from $657 million, bolstered by
strong same-store sales and its expanding barnesandnoble.com
Internet business.
The company previously announced that first quarter sales
at its online business, a chief rival of online giant
Amazon.com Inc. <AMZN.O>, rose 259 percent to $32.3 million.
The company's investment in barnesandnoble.com, a joint venture
with German media giant Bertelsmann AG <BTGGg.F>, resulted in a
10 cent per share loss in the quarter.
Same-store sales at the company's so-called super stores
rose 5.4 percent, it said. The company said it opened three
stores under its name and closed two. B. Dalton closed 23
stores in the quarter, it said.
|
