Barnes & Noble, Inc. (BKS) saw its loss narrow to $13.43 million, or $0.19 a share for the quarter ended Apr. 29, 2017. In the previous year period, the company reported a loss of $30.61 million, or $0.42 a share.
Revenue during the quarter dropped 6.33 percent to $821.22 million from $876.68 million in the previous year period. Gross margin for the quarter contracted 79 basis points over the previous year period to 29.53 percent. Operating margin for the quarter stood at negative 2.90 percent as compared to a negative 6.61 percent for the previous year period.
Operating loss for the quarter was $23.82 million, compared with an operating loss of $57.96 million in the previous year period.
"While fiscal 2017 proved to be a challenging year for the company, we reduced costs by $137 million, enabling us to sustain our profitability level," said Demos Parneros, chief executive officer of Barnes & Noble, Inc. "In fiscal 2018, we are focusing on ways to improve the business and reignite sales through an aggressive test and learn process and companywide simplification process that will take out costs."
For fiscal year 2018, Barnes & Noble, Inc. expects comparable bookstore sales to decline in the low single digits and full year consolidated EBITDA to be approximately $180 million.
Debt increases substantially
Barnes & Noble, Inc. has witnessed an increase in total debt over the last one year. It stood at $64.90 million as on Apr. 29, 2017, up 37.50 percent or $17.70 million from $47.20 million on Apr. 30, 2016.
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