Barnes & Noble Education Loss Is Wider Than Expected

Barnes & Noble Education Inc. said Wednesday it had a net loss of $26.9 million, or 65 cents a share, in its first fiscal quarter, after a proforma loss $26.2 million, or 71 cents a share, in the year-earlier period. The company reported the numbers on a carve-out basis, as it was on spun out of Barnes & Noble Inc. on Aug. 2, after the quarter had ended. It said revenue rose to $239 million from $225.7 million. The FactSet consensus was for a loss per share of 64 cents and revenue of $237 million. Same-store sales rose 1.8% in the period, driven by general merchandise sales, which rose 7.3%. "We continue to win new contracts, opening 21 new stores with estimated annual sales of $45.0 million," Chief Executive Max Roberts said in a statement. Looking ahead, the company is expecting full-year same-store sales to grow 1%, and expects capex of about $55 million. Shares were not yet active in premarket trade, but are up 2.3% in the month, while the S&P 500 is down 0.1%.