% | $
Quotes you view appear here for quick access.

Barnes & Noble, Inc. Message Board

  • bluecheese4u bluecheese4u Nov 24, 2009 9:05 AM Flag

    Barnes & Noble Reports Fiscal 2010 Second Quarter Financial Results

    Barnes & Noble Reports Fiscal 2010 Second Quarter Financial Results

    Declares Quarterly Dividend

    New York, NY (November 24, 2009)—Barnes & Noble, Inc. (NYSE: BKS), the world’s largest bookseller, today reported sales and earnings for its fiscal 2010 second quarter ended October 31, 2009. Additionally, the company also announced that its Board of Directors has declared a quarterly cash dividend of $0.25 per share payable on December 31, 2009, to stockholders of record on December 10, 2009.

    Total sales for the second quarter were $1.2 billion, a 4% increase compared to the prior year. Barnes & Noble store sales decreased 2% to $950 million, with comparable store sales decreasing 3.2% for the quarter. Barnes & sales were $120 million for the quarter, a 9% increase compared to the prior year. Total sales include Barnes & Noble College Bookstore (“College”) sales of $65 million for the period of September 30, 2009 (date of acquisition), through October 31, 2009. College’s comparable store sales decreased 0.2% during that same period.

    The second quarter net loss was $24.0 million, or $0.43 per share. Included in the net loss were one-time transaction expenses of $0.13 per share associated with the College acquisition.

    Bestselling titles during the quarter included Dan Brown’s The Lost Symbol, Jeff Kinney’s Dog Days (Diary of a Wimpy Kid Series #4), Mitch Albom’s Have a Little Faith, Vince Flynn’s Pursuit of Honor, Malcolm Gladwell’s What the Dog Saw and Edward Kennedy’s True Compass.


    For the company’s fiscal 2010 third quarter ending January 30, 2010, comparable store sales at Barnes & Noble stores are expected to decline 1% to 3%. The company continues to expect full-year comparable store sales to decline 2% to 4%. College’s comparable store sales are expected to be in a range of 0% to 2% for the third quarter and to be in a range of 1% to negative 1% from the acquisition date to the end of fiscal 2010.

    Owing to the overwhelming customer demand for nookTM, the world’s most advanced eBook reader, the company is ramping up its production schedule, incurring higher production costs than originally anticipated and increasing future investments related to its digital strategy, including additional people, technology and in-store marketing support. In addition, the company expects that general retail traffic will remain challenged during the holiday selling season. As a result of the above factors, the company is lowering its full year earnings per share forecast to be in a range of $0.33 to $0.63, from its previous forecast of $0.59 to $0.89. Third quarter earnings per share are expected to be in a range of $1.30 to $1.50.

    As of October 31, 2009, the company operated 725 Barnes & Noble stores, 636 Barnes & Noble College Bookstores and 50 B. Dalton stores. During the second quarter, four Barnes & Noble stores were opened and three were closed.

10.98Sep 23 4:02 PMEDT