Barnes & Noble posts 3Q loss, lowers outlook

NEW YORK Barnes & Noble reported sales for the third quarter of $1.1 billion, a 4.4% decrease compared to the prior year. Barnes & Noble store sales decreased 4.4% to $971 million, with comparable-store sales decreasing 7.4% for the quarter.

The third quarter net loss was $18.4 million or 34 cents per share.

“A significant drop off in customer traffic and consumer spending impacted our business in the third quarter," said Steve Riggio, ceo of Barnes & Noble. “In a challenging environment with a comparable-store sales decline of 4.6% this year, the company has aggressively managed expenses to operate profitably. Furthermore, the company is taking measures to reduce expenses for the balance of this year and next.”

For the fourth quarter, the company expects comparable-store sales at Barnes & Noble stores to decline 6% to 9%. Fourth quarter earnings per share is expected to be in a range of $1.40 to $1.70. For the full year, the company now expects comparable-store sales at Barnes & Noble stores to decline 5% to 6%. Full year earnings per share is expected to be in a range of $1.30 to $1.60, compared to previous guidance of $1.70 to $1.90.