Full news story on B&N Third Quarter: Nook Drags Down Results.
B&N Third Quarter: Nook Drags Down Results
Feb 28 2013
Barnes & Noble's third quarter revenues (ending January 26) fell 8.8%, to $2.2 billion, and the net loss was $6.1 million, compared to net earnings of $52 million a year ago. Sales of $2.2 billion were below analysts' estimates of $2.4 million, Reuters reported. As a result, in trading before markets opened, B&N stock was down 2.6%.
The company said that results were "adversely impacted" by the Nook, including $59 million in additional inventory charges because of unsold goods, $21 million in returns from partner retailers, $15 million in promotional allowances "to optimize future sales opportunities" and higher advertising charges.
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