Barnes & Noble
swung to a third-quarter profit on a big jump in sales at its video game chain and solid growth at its bookstores.
The company said it earned $3.8 million, or 5 cents a share, in the latest quarter, compared with a loss of $6.8 million, or 10 cents a share, last year. Analysts polled by First Call had predicted the company would earn 3 cents a share in its most recent quarter. Sales jumped 13.6% to $1.13 billion.
Total bookstore sales for the period were $839.4 million, an increase of 6.1% over last year. Net earnings within the segment were $4.7 million, or 7 cents a share, which the company said matched guidance.
At Gamestop, the video game retailer, sales were $286.7 million for the quarter, up 44.3% over a year ago. Same-store sales rose 30.3%. Gamestop posted net earnings of $9.8 million, or 16 cents a share, of which $4.6 million, or 7 cents a share, accrued to Barnes & Noble's bottom line, based on its ownership stake.