MAIN NEWS HEADLINES
October 15 – October 22, 2009 Edition
Barnes and Noble Second Quarter Sales Fall
NEW YORK, NY/AUTHORLINK NEWS/10/14/09– Barnes & Noble, Inc. ("BKS") (NYSE: BKS last week provided a business update and announced guidance for its new 2010 second quarter and fiscal year following its previously announced acquisition of Barnes & Noble College Booksellers, Inc. ("College").
Barnes & Noble store sales for the nine weeks ended October 3, 2009 decreased 3% as compared to the prior year period to $665 million. Barnes & Noble comparable store sales also decreased 4.1% for the nine week period. Barnes & Noble.com sales were $91 million, an 8% increase compared to the prior year period.
For the full fiscal 2010 second quarter ending October 31, 2009, the company continues to expect comparable store sales at Barnes & Noble retail stores to decline 1% to 3%. For the new fiscal year 2010, the company expects Barnes & Noble comparable store sales to decrease 2% to 4%.
At the College bookstores, total sales for the nine weeks ended October 3, 2009 were $770 million, an increase of 2% as compared to the prior year period. These results include College’s fall back-to-school rush season. Comparable store sales decreased 0.7% for the nine week period.
College comparable store sales from the close of the transaction (September 30, 2009) to the end of the second quarter are expected to decrease 1% to 3%. College comparable store sales from the close of the transaction to the end of the fiscal year 2010 are expected to be in the range of 1% to negative 1%. Due to the acquisition of new contracts, total sales are expected to increase 1% to 3%.
Results for College will be consolidated beginning on September 30, 2009, then the acquisition was completed. Figures for the College unit do not include the benefit of a full year of results.
The bookseller announced on September 30 that it has changed its fiscal year-end to the Saturday closest to April 30, giving BKS the same fiscal year used by College. The Company’s 2010 fiscal year now encompasses the period from May 3, 2009 to May 1, 2010. BKS is currently in its second quarter of fiscal 2010, which comprises the period from August 2, 2009 to October 31, 2009.
Categorised in: News
This post was written by admin