Books-A-Million cuts quarterly loss
BIRMINGHAM, Ala. Books-A-Million reported that third-quarter net sales decreased 0.6% to $110.9 million, from net sales of $111.5 million in the year-earlier period. Comparable-store sales for the 2010 third quarter decreased 1.9% when compared with the 13-week period for the prior year. Net loss for the 2010 third quarter decreased to $1.6 million, or 10 cents per diluted share, compared with a net loss of $2.2 million, or 14 cents per diluted share, in the year-earlier period.
Commenting on the results, Clyde Anderson, chairman, president and CEO, said, “Comparable-store sales for the third quarter improved over the second quarter trend. We saw stabilization in our core book business and continued growth in the bargain book and gift departments. Our balance sheet remains strong, and we are focused on maintaining fiscal discipline while preparing for the holiday season.”