Books-A-Million, Inc. (NASDAQ:BAMM) today announced financial results for the fourth quarter and 52-week period ended January 28, 2012. Net sales from continuing operations for the 13-week period ended January 28, 2012 increased 10.7% to $166.9 million from net sales of $150.8 million in the year-earlier period. Comparable store sales for the fourth quarter declined 5.7%, compared with the 13-week period in the prior year. Net income from continuing operations for the fourth quarter was $7.6 million, or $0.48 per diluted share, compared with net income from continuing operations of $6.7 million, or $0.43 per diluted share, in the year-earlier period. During the quarter, the company incurred costs of $1.6 million related to the closing of 21 underperforming locations and the opening of 41 new BAM! stores that occurred in October and November. These costs total $5.4 million for the 52-week period ended January 28, 2012.
For the 52-week period ended January 28, 2012, net sales from continuing operations decreased 3.6% to $468.5 million from net sales from continuing operations of $486.1 million in the year-earlier period. Comparable store sales declined 9.5%, compared with the same period in the prior year. For the 52-week period ended January 28, 2012, the Company reported net loss from continuing operations of $2.5 million, or ($0.16) per diluted share, compared with net income from continuing operations of $9.0 million, or $0.57 per diluted share, in the year-earlier period.
Commenting on the results, Clyde B. Anderson, Chairman and Chief Executive Officer, said, “We were pleased with the holiday season and the improved sales results in the fourth quarter. Our investments in the new stores yielded our strongest fourth quarter performance in years, our new businesses performed well and the erosion of the core book business slowed from the pace we faced earlier in the year. Our balance sheet remains strong, and we are focused on establishing BAM! stores as the premiere destination for books, toys, tech and more.”
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