Tags: Barnes andNoble Falls After Projecting Loss That Trails Estimates

Barnes & Noble Falls After Projecting Wider Loss

Thursday, 05 Jan 2012 11:08 AM


Barnes & Noble Inc., the largest U.S. bookstore chain, tumbled the most in 10 years after projecting a loss for fiscal 2012 that was wider than analysts projected.

Barnes & Noble declined 29 percent to $9.65 at 9:35 a.m. in New York, the biggest intraday decline since Nov. 8, 2001. The shares rose 2.3 percent last year.

The full-year loss may be as much as $1.40 a share, the New York-based company said today in a statement, after previously projecting a loss of a maximum of 50 cents a share. Analysts predicted a loss as wide as 59 cents a share, the average of six estimates compiled by Bloomberg.

Barnes & Noble also said it may spin off its Nook e-reader business. Sales of its Nook Simple Touch trailed its estimates during the holiday shopping season. The company has sacrificed profits to invest in transitioning into a digital-content provider through its Nook and tablet computers as more consumers read electronic books.

Discussions are being held with publishers, retailers and technology companies in international markets that may lead to expansion of the Nook business overseas, the company said in the statement.

Total sales of Nook devices surged 70 percent during the holiday-shopping period, according to the statement. Sales on a comparable basis in the Nook business, including digital content and hardware devices and accessories, rose 43 percent to $448 during the holiday sales period.

© Copyright 2015 Bloomberg News. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Kentucky Senator Brandon Smith Wants Out of DUI With Immunity Law

Friday, 23 Jan 2015 19:20 PM

Kentucky state Senator Brandon Smith, arrested earlier this month on a DUI charge, is making an effort to get the charge . . .

School Bus Pentagram? Woman Outraged Over Satanic Brake Light Symbol

Friday, 23 Jan 2015 18:53 PM

A Tennessee woman is outraged after spotting what she says is a satanic pentagram formed by the brake lights on a school . . .

Rapper Tiny Doo May Face Long Jail Sentence Over Lyrics

Friday, 23 Jan 2015 18:10 PM

San Diego rapper Tiny Doo is facing a possible 25-year prison sentence for his violent song lyrics under a little-known  . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved