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Barnes & Noble narrows loss in Q1

BY Katherine Boccaccio

New York — Barnes & Noble reported Tuesday that it lost $41 million in the first quarter, compared with a loss of $56.6 million in the same period last year.

Results were bolstered by sales of e-books and other digital content, said CEO William Lynch.

Overall revenue rose 2% to $1.45 billion, and same-store sales climbed 4.6%. Sales in the retail segment also rose 2% — to $1.1 billion.

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Tuesday Morning loss widens in Q4; records flat sales

BY Katherine Boccaccio

Dallas — Tuesday Morning Corp. said Monday that it lost $2 million in the quarter ended June 30, widened from a loss of $1.4 million in the same period last year. The retailer cited costs associated with terminating its CEO for the weakened showing.

Sales were nearly flat at $196.4 million, and same-store sales inched up a slight 0.2%. For the full year, the company recorded net income of $3.9 million, compared with $9.6 million in the prior year. Sales slipped 1% to $812.8 million.

In June, Tuesday Morning ousted CEO Kathleen Mason, who has since sued the company for alleged discrimination following a diagnosis of breast cancer. Michael Marchetti is serving as interim CEO.

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Best Buy Q2 profit plummets 91%; suspends profit forecast

BY Katherine Boccaccio

Minneapolis — Best Buy Co. reported Tuesday that profit for the second quarter tumbled 91% to $12 million, compared with $128 million in the year-ago period. Revenue declined nearly 3% to $10.55 billion, missing Wall Street’s estimated $10.65 billion in revenue. Same-store sales fell 3.2% overall, more than the 2.6% drop expected by analysts.

On Aug. 20, Best Buy named turnaround expert Hubert Joly – from Carlson – as its new chief, in hopes he will lead the company out of disarray. Joly, who is not a popular choice among the investment community, begins the job in early September.

The new chief executive will face big challenges come September, charged with bring stability to a company that is fighting weak sales and a public fight with co-founder Richard Schulze as he angles to take the company private.

Best Buy also announced Tuesday that it will not provide or update earnings guidance for fiscal 2013.

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