B&N 3Q sales up 5.7%

NEW YORK Barnes & Noble today reported that sales for the third quarter ended Nov. 3 increased 5.7% to $1.2 billion. The company reported that comparable-store sales increased 2.6% for the quarter, at the high end of guidance for a flat to low-single digit increase.

The company reported third quarter net earnings of $4.4 million or 7 cents per share.

“The company’s sales continued to perform at the higher end of expectations, due in part to strong sales of new releases and bestsellers, which combined with a better than expected gross margin rate enabled the company to outperform its third quarter earnings expectations,” said Steve Riggio, ceo of Barnes & Noble. “In addition, we are encouraged by the sales trends at Barnes & Noble.com that began earlier this year and continued through the third quarter, in which we launched a newly designed Web site.” 

For the fourth quarter and full year, the company expects comparable-store sales at Barnes & Noble stores to increase in the low-single digits. The company previously expected full year comparable-store sales to range from flat to slightly positive.

Barnes & Noble expects its fourth quarter earnings per share to be in a range of $1.67 to $1.86.