Barnes & Noble shares sink on wider-than-expected loss
Shares of Barnes & Noble Inc. slumped in Thursday's extended session after the book retailer posted worse-than-projected quarterly results. Barnes & Noble reported it swung to a second-quarter loss of $39.2 million, or 52 cents a share, from a profit of $12.3 million, or 12 cents a share, a year earlier. Revenue decreased to $894.7 million from $936.5 million as sales of its e-reader NOOK dropped 31.9% to $43.5 million. Analysts surveyed by FactSet had forecast a loss of 31 cents a share on revenue of $918 million. Third-quarter same-store sales through the Black Friday weekend edged up 1.1%. Barnes & Noble projected same-store sales to be flat in fiscal 2016 but if NOOK products are excluded, comparable sales are expected to rise about 1%. Barnes & Noble shares shed 7.1% in after-hours trading.
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