September 6, 2018
Barnes & Noble Sept. 6 reported a first-quarter (ended July 28) net loss of $17 million, up 70% from a net loss of $10.7 million during the previous-year period. Revenue dropped 7% to $794 million from $853 million last year.
The national bookseller’s Nook business, which includes digital media such as TV shows and movies, narrowed its operating loss to $330,000 from an operating loss of $2.7 million last year. Revenue dropped 14% to $25.2 million from $29.5 million last year.
“We fully realize that cutting expenses does not alone provide a path to the long-term viability of any retail business. Therefore, our short and long-term focus is to grow our top line, and, by doing so, provide us the cash flow needed to grow our business,” CEO Len Riggiosaid in a statement.
Riggio said comparable store sales continue to sequentially improve each month and continued into the second quarter. Indeed, same-store sales declines narrowed each month in the fiscal quarter from 7.8%, 6.1% and 4.5%, respectively.
“Thanks are due to our team of merchants and the entire store management group from top to bottom,” he said.