Birmingham, Ala. Books-A-Million said Thursday it posted a smaller third-quarter loss due to sequential improvement of same-store sales, as well as growth in bargain books.
The company posted a smaller loss of $1.6 million, compared with a loss of $2.2 million a year ago.
Same-store sales decreased 1.9%, an improvement from the second quarter. The company said there was a stabilization in its core book business and continued growth in the bargain book and gift departments.
Also, Books-A-Million's board approved a quarterly cash dividend of 5 cents per share. The quarterly dividend will be paid on Dec. 17 to shareholders of record at the close of business on Dec. 3.
For the 39-week period ended Oct. 31, net sales increased 0.2% to $351.5 million, from net sales of $350.7 million in the year-earlier period. Same-store sales decreased 2.7%. The company reported net income of $1.9 million, compared with a net loss of $635,000 for the year-earlier period.