Barnes & Noble announced that its Q3 2011 net earnings was $60.6 million, or $1 per share, down 25% compared to $80.4 million, or $1.38 per share a year earlier. Net sales increased 6.9% due to Nook sales. The company announced that it was suspending its 25 cent dividend in order to raise cash to invest in its eReader technology.
An analyst from Credit Suisse upgraded BKS to "Neutral" from "Underperform" citing that Borders' struggles could boost BKS sales.
BKS announced that same-store sales for the 2010 holiday season (November-December 2010) rose by 9.7% driven primarily by the sale of Nooks and e-books.
Holiday Season online sales for Barnes and Noble increased 67% compared to 2009. The retailer realized sales of $228.5 million, primarily driven by Nook sales.
Pershing Square Capital, the hedgefund that owns nearly 40% of Borders (BGP) common stock, said that it would finance an acquisition of Barnes & Noble by Borders. William Ackman, head of Pershing, is willing to bid $960 million, or $16 per share.
Barnes & Noble announced that its Q3 2010 loss was $12.6 million, or 22 cents per share. This compares to a net loss of $23.9 million or 43 cents per share a year earlier. Net sales increased 1% to $1.9 billion due to a 59% increase in online sales generated by digital content. However, same-store sales fell 3.3% and 1.5% at Barnes & Noble Stores and College Stores respectively. Analysts were expecting net sales of $1.98 billion.
Barnes and Noble shareholders voted to keep Leonard Riggio, the company's founder, on the executive board. Riggio's primary competitor for the seat was investor Ron Burkle of Yucaipa Cos.
BKS announced that it incurred a net loss of $62.5 million, or $1.12 per share, compared to a net gain of $12.3 million, or 21 cents per share. The company attributes the loss to expenses from the legal suite with Ron Burkle and increasing costs to its online bookstore and e-reader business. Net sales for the period increased 21% as online sales increased 45%. Store sales fell 2%.
BKS announced that it was putting itself up for sale. he board enlisted Lazard as its financial adviser and Morris, Nichols, Arsht & Tunnell as its legal adviser. Company founder and top shareholder Leonard Riggio is considering bidding for the company as part of a larger investor group.
BKS announced that its Q4 2010 earnings were -$32 million, or 58 cents per share, compared to a loss of $2.7 million, or 5 cents per share, last year. Revenues grew 19% to $1.32 billion while same-store sales fell 3.1%.
BKS reported that its Q3 2010 earnings were $80.4 million or $1.38 per share, a 1% decline from $85 million or $1.42 a share a year earlier. It forcasted a loss of 85 cents to $1.15 a share in Q4, while analysts were expecting a loss of just 61 cents.
Yucaipa Companies is seeking permission from BKS to gain a 37% stake in the company, which would make it the largest shareholder. In January, Yucaipa Companies, lead by investor Ron Burkle, bought 500,000 shares of BKS which gave it a 18.7% stake in the company. Burkle's reason for this is that he believes the bookstore's stock is "undervalued".
BKS reported a net loss of $24 million, or 43 cents/share in Q2 2010. This was worse than a year ago when the company lost $18 million or 34 cent/share. The company still continues to struggle against online retailers such as Amazon.com and Wal-Mart.com . The company's net sales increased 4.3% but only because of the revenue from the recently acquired College Bookstore -- exluding that, revenues fell 2% as a results of a 3.2% decline in comparable sore sales.
Barnes & Noble announced that it was going to enter the e-book market by creating its own e-book reader called the Nook. The e-reader is supposed to challenge Amazon's Kindle 2 which was released in Feburary 2009. By the middle of November, Barnes & Noble had already sold out of preorders for the Nook, which was expected to make its debut at the end of the month.
Barnes & Nobles reported a Q2 net income of $12.27 billion or 21 cents per share, down 20.4% from 2008. However, the company beat Wall St. expectations by cutting costs by 3.7%.
An analyst at Credit Suisse downgraded Barnes & Nobles from neutral to underperform. The action took place 6 days before the company reported Q2 2009 earnings.
BKS announced that it was going to acquire Barnes & Noble College Booksellers, which operate 624 college bookstores, for $460 million. Barnes & Noble College Booksellers is was owned by Leonard Riggio, the chairman of Barnes & Noble.
Barnes & Noble Q1 2009 profits dropped $2.7 million as net sales declined by 4% YOY. Online sales dropped 7 percent and comparable-store sales fell 5.7 percent, which was slightly better than what the company anticipated.
For FY2008 (ended Jan 31, 2009), BKS reported net earnings of $76 million, down 44% from FY2007. Sales were up 1.5% to $5.12 billion, while operating margins fell 100 bps to 2.8%.
For Q4 2008, ended Jan 31, 2009, BKS reported earnings of $81.2 million, or $1.46 per share. This is a 29% decrease compared to earnings from the previous-year quarter, during which net income was $115 million. EPS for the full year 2008 was $2.03, beating analyst estimates.
Ron Burkle says he may enter talks with Barnes & Noble after reporting an 8.3% stake in the bookseller.
On November 20, 2008 BKS reported a drop in third-quarter sales to $1.12B (down from $1.18B in the same period a year ago), and cut its annual Earnings Per Share estimate to $1.30-$1.60.
Barnes & Noble reported stagnant sales in the first quarter of 2008, with net sales rising 1.1% but same store sales falling 1.5% and a net loss of $2.2 million for the quarter. B&N also announced that it had put a team together to research a potential acquisition of the second-largest bookseller chain in the U.S., Borders Group.
Barnes & Noble announced a $0.10 cut in 2007 Q4 and 2007 Fiscal Year profit estimates after weaker than expected holiday sales.
Barnes and Noble posted better than expected third quarter results boosted by the sales of new releases like books from Alan Greenspan and Stephen Colbert.
BKS agreed to pay $2.75 million to settle disputes with investors over improperly dated stock options.
