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August 28 – September 4, 2008 Edition
BIRMINGHAM, AL/8/28/08–Books-A-Million, Inc. last week announced financial results for the second quarter and 26 week period ended August 2, 2008. Net sales for the 13-week period ended August 2, 2008 decreased 7.5% to $122.8 million from net sales of $132.8 million in the year-earlier period. Comparable store sales for the second quarter decreased 10.4% when compared with the 13-week period for the prior year. Net income for the second quarter decreased to $645,000, or $0.04 per diluted share, compared with net income of $3.1 million, or $0.19 per diluted share, in the year-earlier period.
For the 26-week period ended August 2, 2008, net income dropped 71%, to $1.5 million and net sales decreased 4.3% to $238.3 million from net sales of $249.1 million in the year-earlier period. Comparable store sales decreased 7.1% when compared with the same period in the prior year. For the 26-week period ended August 2, 2008, the Company reported net income of $1.6 million, or $0.10 per diluted share, compared with net income of $5.2 million, or $0.31 per diluted share, for the year-earlier period.
Commenting on the results, Sandra B. Cochran, President and Chief Executive Officer, said, Very challenging macro economic trends and tough comparisons to last year due to the record-breaking sales of Harry Potter and the Deathly Hallows led to disappointing comparable store sales for the quarter. In this difficult environment we remain focused on controlling costs, managing our inventory and offering the best possible value to our customers.”
Books-A-Million is one of the nations leading book retailers and sells on the Internet at www.booksamillion.com. The Company presently operates 212 stores in 20 states and the District of Columbia. The Company operates large superstores under the names Books-A-Million and Books & Co. and traditional bookstores operating under the name Bookland and Books-A-Million. The common stock of Books-A-Million, Inc. is traded on the NASDAQ Global Select Market under the symbol BAMM.
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