The retailer’s stock price is down about 10% in pre-market trading after it released disappointing financials for the three months that ended in April, along with an $18.3M charge to account for weak sales of its NOOK tablets and e-readers. Barnes & Noble had a net loss of $118.6M in the quarter, vs a $56.9M loss in the period last year, on revenues of $1.28B, -7.4%. The top line was below analyst expectations for $1.33B. The net loss at $2.11 a share — including one-time expenses — contrasts with forecasts for a 99 cent loss. B&N says that it is evaluating some previous financial reports “which may result in a revision” although it doesn’t believe that the amounts will be material. The NOOK business was clearly a sore spot with revenues of $108M, -34%. The company says that it will “significantly reduce losses” in the business by finding partners to help make its color tablets. Revenues for retail book sales fell 10% to $948M due in part to store closures and a drop in online sales — and what it says were tough comparisons to last year which had strong sellers with The Hunger Games and Fifty Shades Of Grey. Same store sales, not including NOOK products, fell 5.8%. “We are taking big steps to reduce the losses in the Nook segment, as we move to a partner-centric model in tablets and reduce overhead costs,” CEO William Lynch says.
Barnes & Noble Shares Fall On Weak Earnings And NOOK Impairment Charge
What's Hot on Deadline
'Madea' To Push Well Past $27M As 'Jack Reacher' Takes $22M to $23M; 'Joneses' Can't Keep Up - Sun. AM Update
Bernie Sanders: Obama Administration "Should Kill" The AT&T-Time Warner Deal: "Higher Prices & Fewer Choices"
'Saturday Night Live' Hits Season High Ratings With Tom Hanks, Lady Gaga & More Donald Trump & Hillary Clinton
Latest Business News
- Obamageddon The Final Ride: POTUS In L.A. Tmrw For ‘Kimmel’ & Last Fundraiser
- Rachel Weisz Leads A Chilly ‘Plenty’ Revival At The Public Theater – Review
- Bernie Sanders: Obama Administration “Should Kill” The AT&T-Time Warner Deal: “Higher Prices & Fewer Choices”…
- AT&T And Time Warner Unveil Merger Terms Calling It A “Perfect Match”
- Report: AT&T Reaches $80B+ Deal To Acquire Time Warner; Announcement Could Come As Early As Tonight
- Donald Trump Would Nix AT&T’s Acquisition Of Time Warner; Says Such Deals “Destroy Democracy”