Barnes & Noble narrows Q4 loss and swings to profit for full year amid falling sales
Barnes & Noble reported mixed results for its fourth quarter and full year as it prepares to go private.
The struggling bookseller reported a net loss of $18.7 million, or 26 cents per share, for its fiscal fourth quarter ended April 27, compared to a loss of $21.1 million, or 29 cents per share, in the year-ago period.
Sales totaled $755.4 million, down from $786.1 million last year. Same-store sales fell 2.3%.
For the full year, Barnes & Noble reported net income of $3.8 million, or 5 cents per share, compared to a net loss of $125.5 million, or $1.73 per share, in the prior year.
Revenue fell 3% $3.55 billion. Same-store sales decreased 1.9%.
On June 7, Barnes & Noble announced it had agreed to be acquired by hedge fund Elliott Advisors (UK) Ltd. in a $683 million all-cash deal. In light of the news, the retailer said it will not host an earnings conference call to discuss its latest results.
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