Barnes & Noble, Inc. (BKS) Stock Jumps on Better-Than-Expected Q2

Advertisement

Barnes & Noble, Inc. (NYSE:BKS) stock jumped on Tuesday following positive results for its fiscal second quarter of 2017.

Barnes & Noble, Inc., BKSBarnes & Noble, Inc. reported losses per share of 29 cents for its fiscal second quarter of 2017. This is better than the losses per share of 52 cents reported by BKS in its fiscal second quarter of 2016. It also beat out Wall Street’s estimate, which had the company reporting losses per share of 34 cents for the quarter.

Revenue reported by Barnes & Noble, Inc. in its fiscal second quarter of 2017 was $858.55 million. The book retailer reported revenue of $894.65 million during the same time last year. Analysts were expecting the company to report revenue of $859.78 million in its fiscal second quarter of the year.

Barnes & Noble, Inc. also reported a net loss of $20 million during its second fiscal quarter of 2017. This is better than its net loss of $39 million that it reported during its fiscal second quarter of the year prior.

“While we are pleased to have improved our performance due to expense reductions, we did experience sluggish sales, which we believe are directly related to the election cycle,” Len Riggio, Chairman and CEO of Barnes & Noble, Inc., said in a statement. “With the election behind us, we hope and expect sales will improve over the holidays.”

Barnes & Noble, Inc. also reaffirmed its outlook for fiscal 2017 in its most recent earnings report. BKS is expecting consolidated EBITDA for the year to be between $200 million and $250 million. The company expects NOOK EBITDA losses to decline to a range of $30 million to $40 million. It also expects comparable store sales to decline in the low single digits in fiscal 2017.

BKS stock was up 9% as of Tuesday afternoon.

More From InvestorPlace


Article printed from InvestorPlace Media, https://investorplace.com/2016/11/barnes-noble-inc-bks-q2/.

©2024 InvestorPlace Media, LLC