Barnes & Noble narrows loss, beats expectations
Ann Arbor, Mich. Barnes & Noble reported a narrower-than-expected quarterly loss and raised its full-year outlook on Thursday, helped by cost cuts and revenue that exceeded expectations.
The company reported a net loss of $2.7 million in the first quarter ended on May 2 from $2.2 million a year earlier. Total sales fell 4.0% to $1.11 billion. Same-store sales dropped 5.7% for the quarter, slightly better than the Wall Street-expected decrease of 6% to 9%.
Barnes & Noble.com sales were $93 million for the quarter, a 7% decrease compared to the prior year.
The company was able to exceed its guidance due to better-than-expected revenues, gross margins and a continuous focus on expense management.
During the first quarter, six Barnes & Noble stores were opened and six were closed. One B. Dalton store was closed during the quarter.