Barnes & Noble Q2 Results Miss Estimates; Stock Down

(RTTNews) - Barnes & Noble, Inc. (BKS) reported that its net loss for the second quarter ended October 28, 2017 widened to $30.1 million or $0.41 per share, from $20.4 million, or $0.29 per share, in the prior year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.26 per share for the second-quarter. Analysts' estimates typically exclude special items.

In the Thursday's pre-Market trade, BKS is trading at $7.00, down $0.78 or 9.97%.

Total sales for the second quarter were $791.1 million, declining 7.9% as compared to the prior year. Wall Street expected revenues of $812.2 million. Comparable store sales decreased 6.3%, with approximately half of this decline attributable to last year's release of Harry Potter and The Cursed Child. The balance of the decline was primarily due to non-book categories.

For fiscal 2018, the Company expects comparable sales to decline in the low single digits and full year consolidated EBITDA to be approximately $180 million. The Company expects comparable store sales to be approximately flat for the balance of the fiscal year. Additionally, the company plans to reduce costs by $40 million for the full fiscal year.