Barnes & Noble (NYSE:BKS) stock is down more than 10% as the books retailer posted its latest quarterly earnings results, which included a fiscal 2019 guidance that is well below what Wall Street is calling for in its consensus estimate.
The New York City-based business announced that for its third quarter of its fiscal 2019, it amassed a profit of roughly $66.9 million, or 91 cents per share, topping its year-ago loss of $63.5 million, or 87 cents per share. On an adjusted basis, the company reeled in earnings of $1.21 per share, about 11 cents ahead of the Wall Street consensus estimate, according to data compiled by Refinitiv.
On the revenue front, Barnes & Noble said it raked in sales of $1.23 billion, below the $1.24 billion that analysts called for, according to Refinitiv. The company added that sales at locations that have been open for at least a year gained 1.1%, marking its best quarterly performance since 2016, while also topping the 0.5% gain that Wall Street guided for, per Refinitiv.
The book seller added that for the rest of its fiscal 2019, it now sees earnings before taxes and other reductions to come in between $140 million to $155 million, which is below its previous guidance of $175 million to $200 million. Barnes & Noble said that the lowered outlook can be linked to holiday sales that were lower than expected, as well as higher investment expenses during the period, which ended Jan. 26.
BKS stock is down about 14.7% on Thursday
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