Barnes & Noble, Inc. (BKS) Posts Q4 Loss of $2.11/Share; Sees 2014 Retail Comps Down High-Single Digits
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Barnes & Noble, Inc. (NYSE: BKS) reported Q4 EPS of ($2.11), versus the analyst estimate of ($0.96). Revenue for the quarter came in at $1.3 billion versus the consensus estimate of $1.33 billion.
Fourth quarter and full-year results were adversely impacted by NOOK inventory charges as discussed in the NOOK section below.
The company ended the fiscal year with cash of $160.5 million and borrowings of $77 million under its $1 billion revolving credit facility, as compared to a net debt position of $270 million a year ago.
The company is currently in the process of evaluating certain prior year amounts, which may result in a revision to the financial statements. The company's analysis is ongoing, but it does not believe these amounts will be material to the financial statements. Accordingly, the financial information presented in this press release is unaudited and remains subject to change based on this process.
During the fourth quarter, the company determined that goodwill impairment indicators arose in its NOOK reporting unit as recurring losses have led to revisions in its strategic plans. As a result, the company recorded a non-cash goodwill impairment charge of $18.3 million in selling and administrative expenses. Excluding the impairment charge, NOOK expenses decreased $26 million as compared to a year ago, a 34% decrease in expenses as compared to fiscal year 2012.
NOOK EBITDA losses were $177 million for the fourth quarter, which include an additional $133 million of inventory charges as the company adopted more aggressive promotional strategies given the shift in strategic direction. NOOK EBITDA losses were $475 million for the full year, primarily driven by cumulative NOOK inventory related charges of $222 million.
For fiscal year 2014, the company expects Retail comparable bookstore sales to decline in the high-single digits on a percentage basis. College comparable store sales are expected to decline in the low-single digits on a percentage basis.
For earnings history and earnings-related data on Barnes & Noble, Inc. (BKS) click here.
Fourth quarter and full-year results were adversely impacted by NOOK inventory charges as discussed in the NOOK section below.
The company ended the fiscal year with cash of $160.5 million and borrowings of $77 million under its $1 billion revolving credit facility, as compared to a net debt position of $270 million a year ago.
The company is currently in the process of evaluating certain prior year amounts, which may result in a revision to the financial statements. The company's analysis is ongoing, but it does not believe these amounts will be material to the financial statements. Accordingly, the financial information presented in this press release is unaudited and remains subject to change based on this process.
During the fourth quarter, the company determined that goodwill impairment indicators arose in its NOOK reporting unit as recurring losses have led to revisions in its strategic plans. As a result, the company recorded a non-cash goodwill impairment charge of $18.3 million in selling and administrative expenses. Excluding the impairment charge, NOOK expenses decreased $26 million as compared to a year ago, a 34% decrease in expenses as compared to fiscal year 2012.
NOOK EBITDA losses were $177 million for the fourth quarter, which include an additional $133 million of inventory charges as the company adopted more aggressive promotional strategies given the shift in strategic direction. NOOK EBITDA losses were $475 million for the full year, primarily driven by cumulative NOOK inventory related charges of $222 million.
For fiscal year 2014, the company expects Retail comparable bookstore sales to decline in the high-single digits on a percentage basis. College comparable store sales are expected to decline in the low-single digits on a percentage basis.
For earnings history and earnings-related data on Barnes & Noble, Inc. (BKS) click here.
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