Barnes & Noble Books $6.8 Million Q3 Loss; GameStop Division Up 8.6%29 Nov, 2001 By: Hive News
Negatively impacted by slumping sales following Sept. 11 events, leading bookseller Barnes & Noble Inc. on Thursday reported a wider third-quarter loss, but still exceeded Wall Street expectations, according to the Associated Press.
The company said it lost $6.8 million, or 10 cents per share, for the three months ended Nov. 3 compared with aloss of $5.17 million, or 8 cents per share, a year ago.
The chain recorded a pro-forma loss of 8 cents per share for the third quarter, excluding excluded stock-based compensation and some investment losses, the AP reported.
Overall sales rose to $995.6 million from $951.8 million a year ago. Total bookstore sales reached $791 million, from $768.7 million a year ago. The division earned $5.5million, or 8 cents per share, compared with $12.8 million, or 20 cents per share.
Sales at Barnes & Noble supercenters were $724.6 million, up 5% from last year, representing 91% of total bookstore sales. Same-store sales at superstores were up 0.2%.
The company's GameStop division, which sells video games and entertainment software, reported salesof $199 million, up 8.6% from $183.2 million in the year-ago period. Same-store sales gained 3.6%.
According to the AP, through the first 24 days of November, same-store sales at Barnes & Noble superstores were up 3.2%, including a 4% gain during the Thanksgiving weekend.
November was an especially strong month for GameStop due to the launch of new gameconsoles and games, the company said. Same-store sales for the month-to-datewere up 83.7% and for the Thanksgiving weekend were up 68.2%.
For the nine months ended Nov. 3, Barnes & Noble reported a loss of $19.99 million, or 30 cents pershare. That compared with a loss of $17.97 million, or 28 cents per share in the year-ago period.
Revenue was $3.06 billion for the nine months, up from $2.77 billion a year ago.
Barnes & Noble warned in early November that if sluggish book sales continued, it will only earn $1.08 to $1.12 per share for the year. Analysts surveyed had expected $1.60, but revised the estimates to $1.11 per share, the AP reported.