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
to acquire the chain.