Barnes & Noble (BKS) reported a Q1 loss of $0.68 per share and Q1 revenue of $1.21 billion versus the Capital IQ Street view of $0.12 per share in earnings, if comparable, and $999.3 million in revenue.
The consolidated first quarter net loss was $34.9 million, or $0.68 per share, as compared to the prior year net loss of $28.4 million, or $0.56 per share.
“The company successfully executed its major strategic initiatives during the first quarter, including the spin-off of its College business, the conversion of the Series J preferred shares into common shares and the initiation of a quarterly dividend,” said Allen Lindstrom, Chief Financial Officer of Barnes & Noble in a statement. “As we look to the second quarter and beyond, we are focused on opportunities to increase comparable store sales and reduce expenses.”
For fiscal year 2016, the company continues to expect Retail core comparable bookstore sales, which exclude sales of NOOK products, to increase approximately 1%. The company also expects full fiscal year EBITDA losses in the NOOK segment to decline versus the prior year.
As a result of the College business spin-off, the company expects to incur separation related expenses of approximately $21 million during the second quarter, which include net severance charges and investment banking fees.
BKS trades in a 52-week range of $14.67 to $29.00.
Companies: Barnes & Noble, Inc.
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