Barnes & Noble, Inc. (NYSE:BKS) reported a loss that is lesser than expected on Tuesday as the company reported its performance for its fiscal first quarter of 2015.
According to The Street’s Julia Sun, Barnes & Noble, Inc. (NYSE:BKS) reported a loss of $0.64 per share for the company’s first quarter. According to the company, consolidated first quarter net loss was $28.4 million, or $0.56 per share, better than the net loss of $87.0 million, or $1.56 per share, in the year-ago quarter.
Shares of Barnes & Noble, Inc. (NYSE:BKS) were trading higher on Tuesday after the company appeared to have stemmed losses ahead of its planned split separating its loss-making Nook business. Nonetheless, Barnes & Noble, Inc. (NYSE:BKS) reported that consolidated revenue for their first quarter for the 2015 fiscal year was $1.2 billion, a decrease of 7% compared to the same quarter last year.
Barnes & Noble, Inc. (NYSE:BKS) said that consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) for the just-ended quarter increased to $30 million, up from an EBITDA loss of $9 million a year ago.
According to Julia Sun, sales from brick and mortar stores which have been open for at least a year were down 5% mainly because sales of the Nook and related products to the Nook declined. For the company’s most-recent quarter, it reported that the Nook segment experienced a steep revenue decline of 54.3% to $70 million. Digital sales also went down 24.2% to $52 million and devices and accessories sales were also down 78.6% to $18 million, the company said.
Sun did note, however, that stores of the company located inside campuses did better than the rest of its stores which experienced a sales decline of 2%. The company said that it continues to get new school contracts and is increasing its titles in stores located inside campuses to get more customers to buy, Sun added.
Barnes & Noble, Inc. (NYSE:BKS) shareholders includes the hedge fund Abrams Capital Management managed by David Abrams. The firm reported about 4.11 million shares in the company by the end of the first half of this year.
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