twice connect

Barnes & Noble Post Loss For Year, Quarter

6/21/2011 03:31:00 PM Eastern

New York - Barnes &
Noble credited its Nook line of e-readers for helping propel its fiscal 2011
sales to $7 billion, but the chain still posted a net loss for the year and the
fourth quarter.

For the quarter and fiscal year, ended April 30, the bookseller
had respective net income losses of $59.5 million and $74 million.

Barnes & Noble saw its brick-and-mortar stores post sales of
$4.36 billion for the year, down from the $4.4 billion generated in 2011. In a
conference call, the company blamed competition from the now-defunct Borders as
it sold off its remaining stock as a contributing factor.

Comp-store sales were down 2.9 percent for the quarter and 0.7
percent for the year.

The company's online segment performed quite well, boosting sales
almost 65 percent to $858 million for the year. For the quarter, the online
component saw sales jump 78 percent to $217 million.

The remaining revenue came from sales in the chain's college
bookstore division.

Barnes & Noble is also in the process of reviewing a $1
billion bid put in by Liberty
to acquire the chain.

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