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A remainered book is one that is unsold and has been "returned" by the bookseller. The book is marked so that it can't be returned as a new book and it's sold at a hefty discount. Authors do not earn royalties on remaindered books. Some authors have a clause in their contract that gives them first dibs on their remaindered books at the lowest remainder price, so that they can buy cheap copies to sell on tour.
Generally, the books will be sold to a company that specializes in remaindered books, which is why I put "returned" in quotes in the first paragraph. Rather than going back to the publisher, remaindered books might go straight to the remaindering company.
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