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November 26 – December 3, 2009 Edition BN Bookstore Sales Improve in Second Quarter
New York, NY (Authorlink News, November 24, 2009)-Barnes & Noble reported a 4% increase in sales to $1.2 billion for the second quarter ended October 31, 2009, compared to last year. Barnes & Noble store sales decreased 2% to $950 million, with comparable store sales decreasing 3.2% for the quarter. Barnes & Noble.com sales were $120 million for the quarter, a 9% increase compared to the prior year. Total sales include Barnes & Noble College Bookstore ("College") sales of $65 million for the period of September 30, 2009 (date of acquisition) through October 31, 2009. College’s comparable store sales decreased 0.2% during that same period.
The second quarter net loss was $24.0 million, or $0.43 per share. Included in the net loss were one-time transaction expenses of $0.13 per share associated with the College acquisition.
Bestselling titles during the quarter included Dan Brown’s The Lost Symbol, Jeff Kinney’s Dog Days (Diary of a Wimpy Kid Series #4), Mitch Albom’s Have a Little Faith, Vince Flynn’s Pursuit of Honor, Malcolm Gladwell’s What the Dog Saw and Edward Kennedy’s True Compass.
For the company’s fiscal 2010 third quarter ending January 30, 2010, comparable store sales at Barnes & Noble stores are expected to decline 1% to 3%. The company continues to expect full-year comparable store sales to decline 2% to 4%. College’s comparable store sales are expected to be in a range of 0% to 2% for the third quarter and to be in a range of 1% to negative 1% from the acquisition date to the end of fiscal 2010.
Owing to the overwhelming customer demand for nook, the world’s most advanced eBook reader, the company is ramping up its production schedule, incurring higher production costs than originally anticipated and increasing future investments related to its digital strategy, including additional people, technology and in-store marketing support. In addition, the company expects that general retail traffic will remain challenged during the holiday selling season
As of October 31, 2009, the company operated 725 Barnes & Noble stores, 636 Barnes & Noble College Bookstores and 50 B. Dalton stores. During the second quarter, four Barnes & Noble stores were opened and three were closed.
Barnes & Noble, Inc. will report third quarter results on or about February 23, 2010.