New York, NY (May 21, 2009)—Barnes & Noble, Inc. (NYSE: BKS), the world’s largest bookseller, today reported sales and earnings for the first quarter ended May 2, 2009. In addition, the company also announced that its Board of Directors declared a quarterly cash dividend of $0.25 per share for stockholders of record at the close of business on June 9, 2009, payable on June 30, 2009.
Total sales for the first quarter were $1.1 billion, a 4% decrease compared to the prior year. Barnes & Noble store sales decreased 3.5% to $989 million, with comparable store sales decreasing 5.7% for the quarter, slightly better than guidance for a decrease of 6% to 9%. Barnes & Noble.com sales were $93 million for the quarter, a 7% decrease compared to the prior year.
Bestselling titles during the quarter included two Barnes & Noble Recommends selections: Sandra Dallas’ Prayers for Sale and Spencer Quinn’s Dog on It. Additional bestsellers include Steve Harvey’s Act Like a Lady, Think Like a Man, Malcolm Gladwell’s Outliers and Mark Levin’s Liberty and Tyranny.
The first quarter net loss from continuing operations was $2.1 million or $0.04 per share, compared to guidance of a loss per share of $0.10 to $0.20. The company was able to exceed its guidance due to better than expected revenues, gross margins and a continuous focus on expense management.
GUIDANCE
For the second quarter, the company expects comparable store sales at Barnes & Noble stores to decline 5% to 7%. Second quarter earnings per share is expected to be in a range of $0.05 to $0.15, compared to $0.18 from continuing operations a year ago (excluding a physical inventory benefit).
Based on the company’s better than expected performance during the first quarter, the company is raising its full-year earnings per share guidance range to $1.10 to $1.40, from $0.95 to $1.25. For the full year, the company now expects comparable store sales at Barnes & Noble stores to decline 3% to 5%, better than previous guidance for a comparable store sales decline of 4% to 6%.
As of May 2, 2009, the company operated 726 Barnes & Noble stores and 51 B. Dalton stores. During the first quarter, six Barnes & Noble stores were opened and six were closed. One B. Dalton store was closed during the quarter.
A conference call with Barnes & Noble, Inc.’s senior management will be webcast beginning at 10:00 A.M. ET on Thursday, May 21, 2009, and is accessible at www.barnesandnobleinc.com/webcasts. The call will also be archived at www.earnings.com for one year.
Barnes & Noble, Inc. will report second quarter results on or about August 20, 2009.
FINANCIAL TABLES
Download financial tables related to the sales and earnings for the first quarter ended May 2, 2009:
Consolidated Statements of Operations (13 KB)
Consolidated Balance Sheets (14 KB)
To read the tables, you will need Adobe Reader, available at no charge from Adobe. Click here to download Adobe Reader, and follow the step-by-step instructions.
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