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Old 11-30-2010, 01:19 PM   #1
SensualPoet
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B&N Reports Second Quarter Performance - Losses Continue

Barnes and Noble reported Q2 performance (Aug 1 to Oct 30, 2010) and, while it hit previously announced guidance, the picture remains cloudy. On combined sales of B&N stores, Digital and College divisions, they took in $1.9 billion in revenue but ended with a $13 million loss. It also has chosen to pay the quarterly dividend and the final $100 million payment for purchase of the B&N College division ... by borrowing more money (on its line of credit). B&N expects to recoop these payments out of cash flow from the Q3 holiday season.

Many mass retailers depend on the holiday season for a majority of annual sales -- B&N is no different. It cited a 20% share of ebooks and stated its partnerships with Best Buy, Wal-Mart and Books-a-Million to sell the Nook were a core element of future sucess.

News was not especially rosy with same store sales fell 3.3% from Q2 2009. And margins -- the difference between cost of sale and slaes revenue -- dropped to 23.6% down from 29.5% a year earlier.

It did say the online division experienced 59% growth without setting that into context. ebook industry growth year of year has been well in excess of that suggesting B&N is not getting its fair share.

The company continues to be non-specific about whether the company is formally up for sale or not. It is currently reviewing a number of proposals, with no deadline to proceed to end the process.

A WSJ report can be seen here: http://online.wsj.com/article/BT-CO-...30-710293.html

B&N's formal press release is here: http://www.barnesandnobleinc.com/pre...l_results.html
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