New York - Barnes & Noble Inc. reported Tuesday that it narrowed its loss to $12.6 million in its fiscal second quarter, compared with a loss of $24 million in the year-ago period. Results missed Wall Street expectations, and the book seller has issued a weak outlook for the third quarter and the full year.
Revenue surged 64% to $1.91 billion, attributed to the company’s acquisition of its college book unit. Without the acquisition, sales rose 1%.
Same-store sales fell 3.3%.
Barnes & Noble said it will continue to invest in its new color Nook electronic e-reader and its digital catalog.
The company recently fought and won a proxy battle against activist investor billionaire Ron Burkle to install a poison pill plan limiting investors to a 20% stake. Barnes & Noble put itself up for sale during the process, and the company said it is meeting with “both strategic and financial institutions,” but said the review might not result in a sale or any other deal.
Barnes & Noble currently operates 717 bookstores in 50 states, as well as 637 college bookstores through its Barnes & Noble College Booksellers subsidiary.