Barnes & Noble profit falls, outlook weak

New York City Barnes & Noble said its profit fell 6% to $80.4 million from $85.2 million a year ago. That beat analyst expectations of $1.34 per share.

Revenue rose 33% to $2.17 billion from $1.63 billion last year. Analysts expected revenue of $2.16 billion, according to a Thomson Reuters poll.

The revenue gain stemmed from the addition of the Barnes & Noble College Booksellers unit, which the company bought back from its own chairman in August.

In-store same-store sales fell 5% to $1.4 billion. Online sales jumped 32% to $210 million. Online sales accelerated throughout the quarter, rising 67% in January.

The bookseller said same-store sales will fall 3% to 5% this fiscal year, rather than 2% to 4% as previously expected.