June 21, 2011 – NEW YORK (Reuters) - Barnes & Noble Inc <BKS.N>, the largest U.S. bookstore chain, reported a deeper quarterly loss on Tuesday as sales came under pressure from the going-out-of-business sales of bankrupt rival Borders Group Inc, and shares fell more than 4 percent.
Continue Reading Below
Barnes & Noble reported a loss of $59.4 million, or $1.04 per share, for the fiscal fourth quarter ended April 30, nearly double the $32 million, or $0.58 a share, loss a year earlier.
Barnes & Noble said sales at its namesake superstores open at least 15 months fell 2.9 percent during the quarter, hurt by the liquidation of 200 bookstores by Borders <BGPIQ.PK> during the quarter.
Online sales, helped by its popular Nook e-reader, rose 78 percent, while same-store sales at its College bookstore chain rose 3.5 percent. Overall third-quarter sales were up 4 percent to $1.37 billion.
(Reporting by Phil Wahba, editing by Gerald E. McCormick)