Barnes & Noble’s Q1 Loss Beats Estimates21 May, 2009 By: Billy Gil
Barnes & Noble posted a $2.7 million loss for the quarter ended May 2, compared to a loss of $2.2 million a year ago. But the New York-based book, music and home video retailer said those results were in line with guidance and bested projections.
Revenue for the chain dropped 4% to $1.11 billion. Comp store sales dropped 5.4%, in line with guidance, and online sales fell by 7%.
The company said music and DVD together still account for about 8% of its business, with music showing “double digit” drops, but CFO Joseph Lombardi said the segment overall hasn’t dropped as precipitously because of DVD.
The company lowered its forecasted comp-store sales decline, to 3% to 5% for the year, from a previously forecasted 4% to 6% drop. Barnes & Noble shares were up 66 cents to $24.55 by mid-day trading May 21.