Books-A-Million profit up in Q4, announces new CEO

Birmingham, Ala. -- Books-A-Million reported Wednesday that profit for the quarter ended Jan. 28 edged up to $7.6 million, from $6.7 million a year earlier.



Sales increased 10.7% to $166.9 million, from $150.8 million. Same-store sales declined 5.7%.



During the quarter, the retailer said it incurred costs of $1.6 million related to the closing of 21 underperforming locations and the opening of 41 new Bam! stores in October and November.



For the full year, Books-A-Million reported that it lost $2.5 million, compared with a $9 million profit in 2011. Sales dropped 3.6% to $468.5 million and same-store sales declined 9.5%.



In related news, current chairman and CEO Clyde Anderson announced that, while he would remain in the executive chairman role, Books-A-Million had named a new CEO: Terrance Finley, who presently fills the president and COO position. Finley became president, CEO and COO effective March 13.