FINANCE

Barnes & Noble swings to loss in Q1

BY CSA STAFF

New York City Barnes & Noble reported Tuesday that it posted a loss of $62.5 million in the quarter ended July 31, compared with a profit of $12.3 million in the year-ago period.

The book seller cited lagging sales and legal expenses related to its proxy fight with shareholder Ron Burkle for the negative swing.

Sales in the quarter, which reflect last September’s purchase of College Booksellers, increased 21% to $1.4 billion, matching Wall Street expectations. Online sales, which include the Nook e-reader and e-books, increased 42% to $145 million.

Barnes & Noble bricks-and-mortar store sales dropped 2% to $1.0 billion, with same-store sales dipping 0.9% for the quarter.

Barnes & Noble, which earlier this month put itself up for sale, is in the midst of a proxy war being waged by its two largest shareholders. The company has said that legal and other costs surrounding the contest would hurt results, and it lowered its full-year forecast.

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Tuesday Morning sees improved profitability

BY CSA STAFF

DALLAS Tuesday Morning reported that, as previously announced, net sales for the fourth quarter of fiscal 2010 were $200.8 million compared with $188.7 million for the quarter ended June 30, 2009, an increase of 6.4%. Comparable-store sales for the quarter ended June 30 increased 6% and was comprised of a 5.7% increase in traffic and a 0.3% increase in average ticket. Net income for the quarter ended June 30, 2010 was $1.3 million, or 3 cents per diluted share, compared with a net loss of $1.6 million, or a 4 cents loss per diluted share, for the same period last year.

For the fiscal year ended June 30, net sales were $828.3 million compared with $801.7 million for the year ended June 30, 2009, an increase of 3.3%. Comparable-store sales increased by 2.2% for the fiscal year. This increase in comparable-store sales was comprised of a 3.4% increase in traffic offset by a 1.2% decrease in average ticket. For the fiscal year ended June 30, the company had earnings per diluted share of 25 cents versus 0 cents for fiscal 2009.

 

Kathleen Mason, president and CEO, stated, “We posted solid improvements in both the fourth quarter and fiscal year 2010 sales and earnings. For the third consecutive quarter, we achieved positive comparable-store sales increases. This top-line improvement driven by a steady increase in traffic demonstrates that our customers continue to be attracted to our value proposition.”

For the fiscal year ending June 30, 2011, Tuesday Morning said it expects net sales to be between $870 million and $880 million and comparable-store sales in the positive low single digits. Diluted earnings per share are expected to be between 39 cents and 43 cents.

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Setting a new standard

BY CSA STAFF

Target turned to New York’s ultra hip The Standard hotel last week as the venue to set a new standard for event marketing and the promotion of brand equity. The hotel and the street in front of it were the venue for the Target Keleidoscopic Fashion Spectacular, which offered a look at the fall styles from Mossimo, Merona, Converse One Star, Xhilaration, Pure Energy and Liz Lange.

Target took over the trendy Manhattan hotel in an area known as the Meatpacking District to stage a Cirque-Du-Soleil style, seen-and-be-seen type event that blended light and sound with lots of a beautiful people who gathered in the street to watch as models paraded by in Target clothes, and 66 dancers appeared behind them in the hotel’s multi-colored illuminated rooms.

 

The whole affair was over the top and had to cost a fortune, but such stunts give Target its brand essence. The event can be viewed on Target’s Facebook page.

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