Barnes & Noble’s Q1 loss narrows on cost cutting

New York -- Barnes & Noble Inc. on Tuesday reported a smaller-than-expected loss of $28.4 million in its fiscal first quarter, down from $87 million a share, a year earlier. The chain has been cutting spending in its Nook e-reader division and moving toward a spinoff of the business.



Revenue fell 7% to $1.24 billion, including a 5.3% drop at the company’s retail segment.



Same-store sales fell 5.1%, which the company attributed primarily due to lower sales of Nook products. “Core” comparable bookstore sales, which exclude sales of Nook products, decreased 0.4% for the quarter.



“We continued to improve our financial performance, while further executing on our strategic initiatives, including work on the proposed separation of the Barnes & Noble retail and Nook Media businesses,” said Michael P. Huseby, CEO of Barnes & Noble. “Retail Core comparable sales continued to benefit from improving physical book industry trends, merchandising initiatives and store promotions.”



The retailer posted revenue of $1.24 billion in the period.



Barnes & Noble shares have climbed 57% since the beginning of the year. The stock has climbed 74% in the last 12 months.