B&N reports 4Q loss
NEW YORK Barnes & Noble reported that total sales for the fourth quarter were $1.3 billion, a 19% increase from the thirteen weeks ended May 2, 2009. Barnes & Noble.com sales increased 51% to $141 million for the quarter, as compared to the period one year ago. Barnes & Noble store sales decreased 3% to $962 million, with comparable-store sales decreasing 3.1% for the quarter, in-line with guidance of a comparable-store sales decline between 2% and 4%.
For the fourth quarter, the company reported a consolidated net loss of $32 million, or 58 cents per share. Included in these results is a benefit of 25 cents per share resulting from the release of tax reserves pursuant to the completion of tax examinations. The results also include an after-tax benefit of 7 cents per share, resulting from a more favorable physical inventory shortage rate than previously forecasted. Excluding both of these benefits, the fourth quarter net loss was 89 cents per share. This loss was in-line with previously issued guidance of 85 cents to $1.15 per share, the company reported.
Total sales for the full year were $5.8 billion. Barnes & Noble.com sales increased 24% to $573 million for the year, as compared with the 12-month period ended May 2, 2009. Barnes & Noble store sales were $4.3 billion, with comparable-store sales decreasing 4.8% for the year.
Consolidated net earnings were $36.7 million, or 63 cents per share. Excluding the tax benefits noted above, consolidated net earnings would have been 39 cents per share, as compared with guidance of 23 cents to 53 cents per share, the company said.
In fiscal 2011, Barnes & Noble said it expects its consolidated sales to increase 20% to 25%. Barnes & Noble.com comparable sales are expected to increase by approximately 75% to $1 billion. Barnes & Noble comparable-store sales are expected to be in a range of flat to an increase of 3%.
For the company’s fiscal 2011 first quarter ending July 31, 2010, Barnes & Noble.com comparable sales are expected to increase 30% to 50%. Barnes & Noble comparable-store sales are expected to be in a range of flat to an increase of 3%. First quarter net loss per share is expected to be in a range of 85 cents to $1.15.