Barnes & Noble, Inc. reports 23 percent revenue increase for third quarter; Operating profit up 80 percent.NEW YORK--(BUSINESS WIRE)--Nov. 14, 1996--Barnes & Noble, Inc. (NYSE NYSE See: New York Stock Exchange : BKS BKS Barracks BKS Best Kept Secret (gaming) BKS Bildung, Kultur Und Sport (German) BKS Brookside (city) BKS Bergen Kirurgiske Sykehus (Bergen, Norway) ), the nation's largest bookseller, today reported that revenues for its third quarter ended October 26, 1996 increased 23.2 percent to $532.6 million, up from $432.3 million in the same period last year. Superstore su·per·store n. A very large retail store that stocks highly diversified merchandise, such as groceries, toys, and camera equipment, or a wide variety of mechandise in a specific product line, such as computers or sporting goods. revenues increased 36.4 percent to $412.7 million from $302.5 million. For the quarter, superstore revenues grew to 77.5 percent of total company revenues, compared with 70.0 percent in the same period last year. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. during the third quarter reached $4.6 million, an 80.4 percent increase over operating profit for the same period last year of $2.5 million, due to continuing improvements in operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. . Results of operations for the third quarter were a net loss of ($2.6) million, or an ($0.08) per share loss (based on 33.0 million shares), as compared with the year-ago third quarter net loss of ($3.5) million, or an ($0.11) per share loss (based on 31.2 million shares). Comparable store sales for the company's superstores This is a list of superstores by country. Multi-national
During the third quarter, the company opened 23 superstores and three mall bookstores for a total of 408 superstores and 611 mall bookstores. During the first nine months, the company opened 59 superstores and plans to open 32 more by fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. . The company expects to close 70 mall bookstores this year, one half of which were closed by the end of the third quarter. Barnes & Noble superstores offer an authoritative selection of more than 175,000 titles from more than 10,000 publishers with an emphasis on small, independent publishers and university presses. The company also publishes books under the Barnes & Noble imprint im·print tr.v. im·print·ed, im·print·ing, im·prints 1. To produce (a mark or pattern) on a surface by pressure. 2. To produce a mark on (a surface) by pressure. 3. for exclusive sale through its retail stores and nationwide mail-order catalogs. -0-
BARNES & NOBLE, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(thousands of dollars, except per share data)
(unaudited)
13 weeks ended 39 weeks ended
Oct. 26, Oct. 28, Oct. 26, Oct. 28,
1996 1995 1996 1995
Revenues $ 532,563 432,315 1,565,639 1,254,366
Cost of sales, buying
and occupancy 341,171 279,828 1,014,883 815,006
Gross profit 191,392 152,487 550,756 439,360
Selling and
administrative
expenses 110,047 90,049 319,459 263,606
Rental expenses 56,669 44,948 163,933 129,505
Depreciation and
amortization 15,464 11,977 43,319 33,668
Pre-opening expenses 4,634 2,976 13,986 8,495
Operating profit 4,578 2,537 10,059 4,086
Interest expense, net 9,592 7,685 28,105 20,810
Benefit for income
taxes (2,392) (1,603) (7,310) (5,314)
Net loss $ (2,622) (3,545) (10,736) (11,410)
Net loss per
common share $ (.08) (.11) (.33) (.37)
Weighted average
common shares
outstanding 33,045,000 31,192,000 33,006,000 30,637,000
CONTACT: Barnes & Noble, Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Investor Contact: Irene R. Miller, Vice Chairman, CFO See Chief Financial Officer. , 212/633-3451 or Elizabeth Babin, Vice President, Treasurer, 212/633-3254 or Media Contact: Lisa Herling, VP Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. , 212/633-3379 |
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