To: Bill Harmond who wrote (57479 ) 5/20/1999 7:47:00 AM From: Glenn D. Rudolph Read Replies (1) | Respond to of 164687
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.