Barnes & Noble (BKS) Posts Q1 Loss of 68c/Share

Barnes & Noble (NYSE: BKS) reported Q1 EPS of ($0.68), $0.80 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $1.2 billion versus the consensus estimate of $999.25 million.

The NOOK segment (including digital content, devices and accessories) had revenues of $54 million for the quarter, decreasing 22.4% from a year ago. For the quarter, digital content sales declined 28.0% to $37 million and device and accessories sales declined 6.2% to $17 million.

During the prior year quarter, NOOK recognized a $7 million benefit on the settlement of device parts and components liabilities, and also recorded a net benefit of $6 million resulting from the Palo Alto relocation.

NOOK EBITDA losses were $17 million during the first quarter, as compared to $5 million a year ago, which included the $13 million of favorable adjustments noted above. NOOK’s selling and administrative expenses declined $10 million, or 21.0%, as the Company continues to rationalize NOOK’s expense structure. The expense reduction was offset by expense deleveraging on the sales decline.

For earnings history and earnings-related data on Barnes & Noble (BKS) click here.

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