This story has been updated from 11:43 am EST with additional information, stock price update.
NEW YORK (TheStreet) -- Shares of Barnes & Noble, Inc. (BKS) hit a 52-week-high on Tuesday of $24.62 after the book seller reported better-than-expected results in its fiscal first quarter with a loss of 56 cents per share, beating the consensus estimate of a loss of 63 cents per share, and improved from the loss of $1.56 cents per share in the same quarter a year ago.
The narrower first-quarter loss reflected the spending cut in its Nook e-reader division as it moves toward a spin-off of the business. Revenue for the quarter declined 7% year over year to $1.24 billion, missing the consensus estimate of $1.26 billion. Retail comparable sales dropped 5.1% in the quarter, which the company attributed to store closures and lower online sales. So-called "core" comparable bookstore sales, which exclude sales of NOOK products, decreased 0.4% for the quarter an improvement from the year earlier quarter, the company said.
Barnes & Noble reiterated that comparable sales in its retail stores and college division are likely to decline in the low single digits and that losses related to its NOOK division are expected to decline this year compared to last year. The company "continues to make progress on the separation of its Barnes & Noble Retail and NOOK Media businesses," by "exploring various options" which includes potentially restructuring existing agreements and with potential third party partners.