MAIN NEWS HEADLINES
June 20- June 26, 2011 Edition Barnes-and-Noble-Digital-Sales-Fuel- Record Year NEW YORK,NY/AUTHORLINK NEWS/ June 21, 2011Barnes & Noble, Inc. the worlds largest bookseller, today reported record sales and earnings for its fiscal 2011 fourth quarter and full year ended April 30, 2011.
For fiscal 2011, total sales increased 20% to a record $7 billion. Sales growth was fueled by inclusion of a full year of sales from Barnes & Noble College Booksellers (College) as well as a 50% sales increase at BN.com.
The rapidly growing digital business propelled the top-line at BN.com driven by the companys NOOK eReader product line and digital content from the NOOK Bookstore. BN.com comparable sales growth accelerated throughout the year, increasing 78% for the fourth quarter and 65% for the full year as compared to the same periods in fiscal 2010. BN.com sales were $217 million for the quarter and $858 million for the full year.
Barnes & Noble store sales were $943 million for the quarter and $4.4 billion for the full year. Comparable store sales decreased 2.9% for the quarter. Fourth quarter comparable store sales were temporarily negatively impacted by the liquidation of over 200 Borders bookstores during the quarter. As those stores have closed, the company is realizing incremental sales in those markets. For the full year, comparable store sales increased 0.7% led by the sale of digital products, which more than offset the decline in trade books.
College sales increased 3.5% for the quarter to $211 million and were $1.8 billion for the full year. Comparable store sales increased 2.8% for the quarter and decreased 0.8% for the year.
For the fourth quarter, the company reported a consolidated net loss of $59 million, or $1.04 per share.
For fiscal 2011, the company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $163 million. The consolidated full-year net loss was $74 million, or $1.31 per share.
The company has previously announced that it received a proposal from Liberty Media to acquire the company and that Libertys proposal is under review by the Special Committee of the companys Board of Directors which is charged with reviewing strategic alternatives for the company. In light of the pendency of that proposal and its ongoing process, the Special Committee has determined that the company will not at this time issue sales or earnings guidance regarding the outlook for fiscal 2012.
Barnes & Noble, Inc. will report first quarter earnings results on or about August 30, 2011.
Barnes & Noble, Inc. (NYSE:BKS), the world’s largest bookseller and a Fortune 500 company, operates 705 bookstores in 50 states. Barnes & Noble College Booksellers, LLC, a wholly-owned subsidiary of Barnes & Noble, also operates 636 college bookstores serving over 4.6 million students and faculty members at colleges and universities across the United States. Barnes & Noble conducts its online business through Barnes & Noble.com (www.bn.com), one of the Web’s largest e-commerce sites, which also features more than two million titles in its NOOK Bookstore(TM) (www.bn.com/ebooks). Through Barnes & Nobles NOOK(TM) eReading product offering, customers can buy and read eBooks on the widest range of platforms, including NOOK eBook Readers, devices from partner companies, and hundreds of the most popular mobile and computing devices using free NOOK software.