NEW YORK (
Barnes & Noble
is in the red following a bigger-than-expected second-quarter loss and disappointing holiday forecast.
During the quarter, Barnes & Noble lost $12.6 million, or 22 cents a share, compared with a loss of $24 million, or 43 cents, in the year-ago period. Analysts were calling for a smaller loss of 8 cents.
Revenue for the bookseller soared 64% to $1.91 billion, but this also fell short of consensus estimates of $1.98 billion. Barnes & Noble's same-store sales declined 3.3%.
Looking ahead, management expects third-quarter earnings between 90 cents and $1.20 a share, below Wall Street's outlook of $1.29. For the full-year Barnes & Noble predicts a loss in the range of 75 cents to $1.15 a share, while analysts are looking for a loss of 40 cents.
Barnes & Noble attributed its weak outlook to its heavy investment in its Nook e-reader device, recently launching a color version.
The company put itself up for sale earlier in the year, and said that it is currently meeting with "both strategic and financial institutions," but warned that these discussions might not result in a sale.
Shares of Barnes & Noble are plunging 13.3% to $12.90 in morning trading. Rival
is also tumbling 4.8% to $1.08.
--Written by Jeanine Poggi in New York.
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