Barnes & Noble Posts Deep Loss Because Of Big Sales At Borders
NEW YORK (Phil Wahba) - Barnes & Noble Inc (BKS.N), the largest U.S. bookstore chain, reported a deeper quarterly loss on Tuesday as sales came under pressure from the going-out-of-business sales of bankrupt rival Borders Group Inc, and shares fell more than 4 percent.
Barnes & Noble reported a loss of $59.4 million, or $1.04 per share, for the fiscal fourth quarter ended April 30, nearly double the $32 million, or $0.58 a share, loss a year earlier.
Barnes & Noble said sales at its namesake superstores open at least 15 months fell 2.9 percent during the quarter, hurt by the liquidation of 200 bookstores by Borders (BGPIQ.PK) during the quarter.
Online sales, helped by its popular Nook e-reader, rose 78 percent, while same-store sales at its College bookstore chain rose 3.5 percent. Overall third-quarter sales were up 4 percent to $1.37 billion.
(Editing by Gerald E. McCormick)
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