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Barnes & Noble swings to loss in fiscal Q1


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Barnes & Noble swings to loss in fiscal Q1

Barnes & Noble Inc. said its normalized net income for the fiscal first quarter ended Aug. 1 came to a loss of 53 cents per share, compared with the S&P Capital IQ consensus estimate of 3 cents per share.

The per-share result swung to a loss from the prior-year profit of 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $35.0 million, compared with income of $10.8 million in the prior-year period.

The normalized profit margin declined to negative 0.5% from 1.1% in the year-earlier period.

Total revenue grew 20.5% on an annual basis to $1.22 billion from $1.01 billion, and total operating expenses climbed 28.7% year over year to $1.27 billion from $987.2 million.

Reported net income totaled a loss of $44.6 million, or a loss of 68 cents per share, compared to a loss of $2.2 million, or a loss of 4 cents per share, in the year-earlier period.