June 19, 2019
Barnes & Noble, which has accepted a $683 million offer from a private equity fund manager, June 19 said it generated a fourth-quarter (ended April 27) loss of $18.3 million, down from a net loss of $21.1 million during the previous-year period.
The nation’s largest brick-and-mortar bookstore, which operates 627 stores in 50 states, said same-store sales dipped 2.3% in the quarter and 1.9% for the fiscal year.
Total quarterly sales were $755 million and $3.6 billion for the fiscal year, decreasing 3.9% and 3% from the prior year periods, respectively.
quarterly sales, which include digital sales of movies and TV shows, narrowed 17.4% to $20.7 million from $25 million last year.
Fiscal 2019 net earnings were $3.8 million compared to a net loss of $125.5 million in the prior year.
Excluding non-recurring or unusual charges, pre-tax earnings topped $4.6 million in the quarter, as compared to $6.7 million a year ago, and $147.2 million for fiscal 2019, as compared to $145.4 million a year ago.
Barnes & Noble said it reduced expenses by $50.4 million during fiscal 2019, excluding non-recurring or unusual charges.
The retailer on June 7 entered into an agreement to be acquired by funds advised by Elliott Advisors (U.K.) Limited. If the deal is consummated, B&N is expected to be privately held.