EARNINGS ROUNDUP / BARNES & NOBLE
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Barnes & Noble Inc. reported that it lost $2.7 million in the first quarter as its sales continued a multi-quarter slide, but the results beat Wall Street expectations and the bookseller raised its profit forecast for the year.
New York-based Barnes & Noble’s $2.7-million loss amounts to 5 cents a share, compared with a loss of $2.2 million, or 4 cents, a year earlier.
Excluding the effect of discontinued operations, the company lost 4 cents a share, better than the loss of 15 cents analysts expected.
The bookseller’s revenue fell 4% to $1.11 billion, also better than analysts’ forecast of $1.08 billion.
Barnes & Noble said the first quarter was good enough that it is raising its full-year profit estimate to a range of $1.10 to $1.40 a share, from 95 cents to $1.25.
Investors sent shares up 71 cents, nearly 3%, to close at $24.60.
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