Quantcast

Barnes & Noble reports larger 4Q loss than expected

NEW YORK — Barnes & Noble is reporting a bigger fourth-quarter loss than analysts expected as the bookseller invested heavily in its e-book reader Nook and as liquidation sales by rival Borders hurt its revenue.

Its shares fell more than 4 percent in pre-market trading.

The largest U.S. specialty book retailer said Tuesday its net loss came to $59.4 million, or $1.04 per share, for the three months ended April 30. That compares to a net loss of $32 million, or 58 cents per share, a year ago.

Analysts expected a loss of 91 cents per share.

Revenue rose 4 percent to $1.37 billion. Revenue in stores open at least one year fell 2.9 percent. The company says results were hurt by Borders’ liquidation sales at 200 of its stores as part of its rival’s bankruptcy reorganization.

Barnes & Noble also says it is still reviewing the unexpected $1 billion takeover in May from John Malone’s Liberty Media.

Leave a Reply

Your email address will not be published. Required fields are marked *

*