Borders closeouts take toll on B&N quarter
NEW YORK — Borders' closings, and subsequent clearance sales, took a toll on Barnes & Noble's fourth-quarter results. B&N said that its 2.9% drop in same-store sales for the quarter were temporarily negatively impacted by the liquidation of over 200 Borders bookstores during that time.
The trouble didn't end there for Barnes & Noble, which reported a fourth-quarter consolidated net loss of $59 million, or $1.04 per share. The company's total store sales were $943 million.
The company's digital business performed well, with BN.com, aided by the Nook e-reader and Bookstore, delivering total sales of $217 million and 65% increase in comparable sales for the fourth quarter.
As previously announced, the company received a proposal from Liberty Media to acquire Barnes & Noble and that Liberty’s proposal is under review by the special committee of the company’s board of directors, which is charged with reviewing strategic alternatives for the company. In light of the pendency of that proposal and its ongoing process, the special committee has determined that the company will not at this time issue sales or earnings guidance regarding the outlook for fiscal 2012.