Barnes & Noble, Inc. (NYSE:BKS) stock was down roughly 5% at the start of trading Thursday morning after it released its earnings report for its first fiscal quarter of 2017.
Barnes & Noble reported losses per share of 20 cents for the first fiscal quarter of 2017. This is better than the losses per share of 27 cents that it reported during the same time last year. However, it was still worse than the losses per share of 13 cents that Wall Street was expecting.
Revenue reported by Barnes & Noble for its first fiscal quarter of 2017 was $913.9 million. This is down 6.6% from the $974.2 million it reported in the first fiscal quarter of 2016. Analysts were expecting the company to report revenue of $958.68 million for the quarter.
Net loss reported by the company in the first quarter of fiscal 2017 was $14.4 million. Net loss reported by the company during the same time last year was $7.8 million.
BKS stock also wasn’t helped by the company’s outlook for fiscal 2017. The company noted that sales were below expectations and this resulted in it adjusting its guidance for the year. It now expects comparable store sales to be down in the low single digits for fiscal 2017.
Barnes & Noble saw its stock rally earlier this week on speculation that the company will rebound. This included plans from the company to increase EBITDA to between $270 million to $310 million by 2020.
Barnes & Noble has been working to find alternative ways to bring in some extra money. One such effort has the company opening concept stores that include eateries. These locations serve food, beer and wine to customers.
BKS stock was down 2% as of Thursday afternoon.
