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.
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.
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)
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