Barnes & Noble Posts Loss

New York City Barnes & Noble Inc. reported a first-quarter loss on Thursday, hurt by a charge. The bookseller also lowered its second-quarter and full-year forecast for sales at existing stores, citing the difficult retail environment.

The retailer reported a loss of $2.2 million for its fiscal first quarter ended May 3, compared with a loss of $1.67 million a year earlier.

The latest results included a pre-tax charge of $8.3 million for the settlement of a dispute regarding the collection of taxes on sales made by its online unit.

Quarterly sales rose to $1.16 billion from $1.15 billion. Same-store sales fell 1.5%.

Barnes & Noble is mulling the acquisition of rival Borders Group Inc., which had said in March that it might sell itself as it has struggled with liquidity and the soft economy.

Barnes & Noble said it now expects full-year same-store sales to be down slightly, compared with its previous view for a slight rise. Second-quarter same-store sales are expected to decrease in the low to mid-single digits, according to the company.

Login or Register to post a comment.