Headlines

Closing the Books on 1Q

Barnes & Noble upgrades full-year earnings estimate after shaky quarter

Published

22 years ago

May 28, 2002

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Despite a first-quarter loss because of a one-time charge (to write down its investment in Gemstar-TV Guide International), Barnes & Noble (New York) upgraded its full-year earnings forecast because of surging sales from the GameStop video game business it spun off earlier in the year.

The results beat projections from Wall Street analysts, who had expected that the reported loss would be larger.

The book retailing giant said that it lost $16.3 million, or 25 cents a share in the period ending May 4, 2002, compared with $11.5 million, or 18 cents a share, in the period a year earlier.

Total retail sales were up 6 percent for the quarter; same-store sales were up 2.5 percent at Barnes & Noble stores and down 1 percent at B. Dalton Bookseller.

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