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Books-A-Million, Inc. Announces Fourth Quarter And Annual Results

Stocks in this article: BAMM

Books-A-Million, Inc. (NASDAQ:BAMM) today announced financial results for the 14-week and 53-week periods ended February 2, 2013. This quarter reflects an extra week in fiscal 2013, creating a 53-week fiscal year that occurs approximately every six years in the accounting cycle for most retailing companies. Net sales for the 14-week period ended February 2, 2013 decreased 0.8% to $165.6 million compared with sales of $166.9 million in the 13-week year-earlier period. Comparable store sales for the fourth quarter, which include comparable 13-week periods this year and last year, decreased 6.1% compared with the same period last year. Operating income increased 22.0% to $14.7 million for the 14-week period ended February 2, 2013, compared with $12.0 million in the 13-week period ended January 28, 2012. Net income from continuing operations for the current year fourth quarter was $8.1 million, or $0.52 per diluted share, compared with net income from continuing operations of $7.6 million, or $0.48 per diluted share, in the 13-week year-earlier period.

For the 53-week period ended February 2, 2013, net sales increased 7.5% to $503.8 million from net sales of $468.5 million in the 52-week year-earlier period. Comparable store sales, which include comparable 52-week periods this year and last year, declined 3.6%. Operating income was $6.9 million for the 53-week period ended February 2, 2013, compared with a loss of $4.0 million in the 52-week period ended January 28, 2012. For the 53-week period ended February 2, 2013, the Company reported net income from continuing operations of $2.5 million, or $0.16 per diluted share, compared to a net loss from continuing operations of $2.5 million, or $0.16 per diluted share, in the 52-week year-earlier period.

Commenting on the results, Terrance G. Finley, Chief Executive Officer and President, said, “We were pleased with our results for the quarter and the fiscal year. Our core book business stabilized, our general merchandise categories performed well and we experienced a significant change in the digital arena, with device sales weaker than expected and digital content sales growing at a markedly slower rate. We are adjusting our merchandising strategy to reflect the fast changing industry dynamics and focusing on growing our business by offering the best value and customer experience in books, toys, tech and more.”

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