Barnes & Noble profit drops 25% in Q3

New York City -- Barnes & Noble reported Tuesday that net income for the quarter ended Jan. 29 decreased 24.7% to $60.6 million, from $80.4 million a year earlier. Although the chain returned to profitability after three straight quarters in the red, its increase in revenue was lower than expected.

Overall sales were up 6.9% to $2.3 billion. Same-store sales at its namesake stores rose 7.3%; same-store sales at its college bookstore chain dropped 2.2%.

Barnes & Noble said it is suspending its dividend to preserve cash and declined to give a sales forecast for the final quarter of its fiscal year because of last week's bankruptcy of Borders Group.

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