Barnes & Noble Stock Sinks as Sales Slide

Advertisement

Barnes & Noble (NYSE:BKS) stock took a hit on Thursday following the release of its earnings report for for its fiscal first quarter of 2019.

Barnes & Noble Stock Sinks as Sales Slide

The big blow to BKS stock comes from its revenue of $794.78 million reported in its fiscal first quarter of the year. This is a drop from its revenue of $853.32 million that was reported in its fiscal first quarter of 2018. Wall Street was expecting Barnes & Noble’s revenue to slide some during the quarter, but only down to $833.40 million.

Losses per share of 23 cents for its fiscal first quarter of 2019 also didn’t do BKS stock any favors today. This is down from its losses per share of 15 cents reported in its fiscal first quarter of 2018. It also didn’t come in anywhere close to analysts’ losses per share estimate of 9 cents for the period.

Barnes & Noble also reported a net loss of $17.04 million for its fiscal first quarter of the year. This is a decrease from the company’s net loss of $10.78 million that was reported in the same period of the year prior.

During BKS’ fiscal first quarter of 2019, the company reported an operating loss of $16.20 million. This is slightly wider than the company’s operating loss of $15.21 million that it reported in its fiscal first quarter of the previous year.

“We fully realize that cutting expenses does not alone provide a path to the long term viability of any retail business,” Len Riggio, Chairman of Barnes & Noble, said in a statement. “Therefore, our short and long term focus is to grow our top line, and, by doing so, provide us the cash flow needed to grow our business.”

BKS stock was down 7% as of noon Thursday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/09/barnes-noble-stock-slides-on-sales/.

©2024 InvestorPlace Media, LLC