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Barnes & Noble, Inc. (NYSE:BKS) today reported sales and earnings for its fiscal 2014 first quarter ended July 27, 2013.
First quarter consolidated revenues decreased 8.5%, to $1.3 billion, compared to the prior year. The first quarter consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) loss was $8.9 million, compared to positive EBITDA of $5.8 million a year ago.
First Quarter 2014 Results from Operations
Segment results for the fiscal 2014 and fiscal 2013 first quarters are as follows:
$ in millions
Represents the elimination of intercompany sales from NOOK to Barnes & Noble Retail and Barnes & Noble College on a sell through basis.
The Retail segment, which consists of the Barnes & Noble bookstores and BN.com businesses, had revenues of $1.0 billion for the quarter, a decrease of 9.9% from the prior year. The sales decrease was attributable to a comparable store sales decrease of 9.1% for the quarter, store closures and lower online sales, in line with company expectations. First quarter comparable bookstore sales decreased, reflecting lower NOOK device unit volume and a title lineup last year that included unusually strong sales from
The Hunger Games and
Fifty Shades of Grey trilogies. “Core” comparable bookstore sales, which exclude sales of NOOK products, decreased 7.2% for the quarter. Excluding the impact of the two mentioned trilogies, Core comparable bookstore sales decreased 2.9%.
Retail generated EBITDA of $65 million in the quarter, a decline of $12 million compared to a year ago, as a result of the sales decline noted above.