Barnes & Noble narrows loss in Q4, looks ahead to international growth
New York — Barnes & Noble reported Tuesday that it narrowed its loss for the quarter ended April 28 to $57.6 million, compared with a loss of $59.4 million in the year-ago fourth quarter.
Revenue was essentially flat at $1.38 billion, missing Wall Street’s expected $1.48 billion in revenue. Retail sales rose 5% to $1.05 billion and Nook sales fell 11% to $164 million, as the company took back its Nook Simple Touch e-reader from retailers to make room for new inventory.
Same-store sales increased 4.5%.
“We grew our business in 2012 while continuing to make the necessary investments for the future of the business,” said William Lynch, CEO. During the quarter, Barnes & Noble announced its partnership with Microsoft in Newco, intended to fuel continued growth in digital and international expansion.
Union report: Rite Aid workers and shareholders to attend shareholder meeting
Harrisburg, Pa. — The Pennsylvania AFL-CIO said Tuesday that workers, union leaders and shareholders will attend Rite Aid’s annual shareholder meeting in Harrisburg, Pa., on June 21.
The group will hold a "Summit Meeting," attended by groups from California, Florida, Ohio, New Jersey, New York and West Virginia, and followed by a media briefing.
Rite Aid workers have attended four previous shareholder meetings.
Dollar General to open new DC in Pennsylvania
Harrisburg, Pa. — Dollar General Corp. will locate its new distribution center in Bethel Township, Berks County, Pa., creating more than 500 jobs in the area and facilitating the retailer’s expansion in the state.
Dollar General will build a 900,000-sq.-ft., $100 million facility in Berks Park 78, a new industrial park in Bethel Township. The retailer received a $2.2 million funding offer from the Department of Community and Economic Development, including a $1 million PA First grant, $225,000 in job training assistance and $1 million in Job Creation Tax Credits.
“This distribution center is an investment in the growth of our company, as well as the state of Pennsylvania and Bethel Township,” said Dollar General chairman and CEO Rick Dreiling.