Barnes & Noble
swung to a third-quarter loss, meeting analysts' expectations, and backed its guidance for the full year.
The New York-based retailer on Thursday reported a preliminary loss of $2.8 million, or 4 cents a share, compared with income of $327,000, or less than 1 cent a share, a year ago. The most recent quarter includes 3 cents a share in stock-compensation expenses.
Sales increased to $1.11 billion from $1.08 billion a year earlier, while same-store sales increased 2% at Barnes & Noble stores and fell 5% at the smaller B. Dalton chain.
The results matched analysts' forecasts, which called for a loss of 4 cents a share on revenue of $1.1 billion, according to Thomson First Call.
The company said its results are preliminary due to an ongoing review of the company's historical stock-option grant practices. Barnes & Noble said it won't be able to file its quarterly report on time because of the review.
For the fourth quarter, Barnes & Noble forecast earnings of $1.86 to $1.96 a share, including 3 cents a share stock-option expense. Wall Street expects earnings of $1.95 a share.
The company said it expects fourth-quarter same-store sales at Barnes & Noble stores to range from flat to up in the low single-digits. The company now expects full-year same-store sales be flat or slightly up over last year.
For the full year, the company reiterated its forecast for earnings of $2.20 to $2.30 a share, including 14 cents stock-option expense. Analysts predict earnings of $2.27.
Shares of Barnes & Noble recently were down 67 cents, or 1.6%, to $41.96.