Books-A-Million 3Q net loss widens

BIRMINGHAM, Ala. Books-A-Million announced that net sales for the third quarter decreased 5.7% to $111 million from net sales of $117.7 million in the year-earlier period.

Comparable-store sales for the third quarter decreased 9.9% when compared with the 13-week period for the prior year. Net loss for the third quarter increased to $2.2 million, or 14 cents per diluted share, compared with net loss of $555,000, or 3 cents per diluted share, in the year-earlier period.

Commenting on the results, Sandra Cochran, president and ceo, said, “Results for the quarter were clearly disappointing. We faced dramatic macroeconomic headwinds, and as a result we experienced our weakest comparable store sales in many years. The negative trends were broadly felt across most categories although bargain books, gifts and teen provided positive results. Our entire team remains focused on adjusting to this difficult environment by controlling costs, managing inventory and preparing for the holiday season."