Barnes & Noble Reports Second Quarter Financial Results.Gross Margins Better than Expected Achieves Earnings Per Share at High End of Guidance Declares Quarterly Dividend 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 -- 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 world's largest bookseller, today reported sales and earnings for the second quarter ended August 1, 2009. In addition, the company also announced that its Board of Directors has declared a quarterly cash dividend of $0.25 per share payable on September 30, 2009 to stockholders of record on September 9, 2009. Total sales for the second quarter were $1.2 billion, a 5% decrease compared to the prior year. Barnes & Noble store sales decreased 5% to $1.0 billion, with comparable store sales decreasing 6.9% for the quarter, within the Company's guidance for a decrease of 5% to 7%. Barnes & Noble.com sales were $102 million for the quarter, a 2% increase compared to the prior year. Second quarter net earnings were $12.3 million, or $0.21 per share. Included in net earnings was an after-tax cash benefit of $4 million, or $0.07 per share, resulting from an insurance settlement. Excluding this benefit, second quarter net earnings would have been $0.14 per share, compared to guidance of $0.05 to $0.15 per share. Bestselling titles during the quarter included Janet Janet: see Clouet, Jean. JANET - Joint Academic NETwork Evanovich's Finger Lickin' Fifteen, Kathryn Stockett's The Help, Daniel Silva's The Defector, Sophie Kinsella's Twenties Girl, and Dick Morris's Catastrophe Catastrophe, from the Greek Καταστροφή (katastrephein), literally means "to turn" (strephein) "downwards" (kata-). . "Due to strong expense management and improved gross margins we achieved earnings per share near the high-end of guidance. While the decline in retail traffic continues to be the principal impediment A disability or obstruction that prevents an individual from entering into a contract. Infancy, for example, is an impediment in making certain contracts. Impediments to marriage include such factors as consanguinity between the parties or an earlier marriage that is still valid. to our top line, we do offer our customers the ability to shop with us online, where sales were slightly above last year," said Steve Riggio, chief executive officer of Barnes & Noble, Inc. "We remain focused on working capital management, which resulted in solid free cash flow and no borrowings on our credit facility for the second quarter." GUIDANCE For the third quarter, the company expects comparable store sales at Barnes & Noble stores to decline 1% to 3%. The company continues to expect full-year comparable store sales to decline 3% to 5%. On August 10, 2009, the company announced that it has signed a definitive agreement to acquire Barnes & Noble College Booksellers. The acquisition is expected to close on or about October 1, 2009, at which point the company plans to issue updated guidance for the balance of the year. As of August 1, 2009, the company operated 724 Barnes & Noble stores and 50 B. Dalton Dalton, city (1990 pop. 21,761), seat of Whitfield co., extreme NW Ga., in the Appalachian valley; inc. 1847. It is a highly industrialized city in a farm area. stores. During the second quarter, one Barnes & Noble store was opened and three were closed. One B. Dalton store was closed during the quarter. A conference call with Barnes & Noble, Inc.'s senior management will be webcast beginning at 10:00 A.M. ET on Thursday, August 20, 2009, and is accessible at www.barnesandnobleinc.com/webcasts. Barnes & Noble, Inc. will report third quarter results on or about November 19, 2009. ABOUT BARNES & NOBLE, INC. Barnes & Noble, Inc. (NYSE: BKS), the world's largest bookseller and a Fortune 500 company, operates 774 bookstores in 50 states. Barnes & Noble is the nation's top bookseller brand for the sixth year in a row, as determined by a combination of the brand's performance on familiarity, quality, and purchase intent; the top bookseller in quality for the second year in a row and the number two retailer in trust, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the EquiTrend[R] Brand Study by Harris Interactive Harris Interactive (NASDAQ: HPOL) is an American market research company that specializes in public opinion research using both telephone and surveys on online panels. The company is the product of a 1996 merger between the Gordon S. Black Company and Louis Harris & Associates. [R]. Barnes & Noble conducts its online business through Barnes & Noble.com one of the Web's largest e-commerce sites. General information on Barnes & Noble, Inc. can be obtained via the Internet by visiting the company's corporate website: www.barnesandnobleinc.com. SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Barnes & Noble is including this statement for the express purpose of availing itself of the protections of the safe harbor provided by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 with respect to all such forward-looking statements. These forward-looking statements are based on currently available information and represent the beliefs of the management of the company. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, general economic and market conditions, decreased consumer demand for the company's products, possible disruptions in the company's computer or telephone systems, possible risks associated with data privacy and information security, possible work stoppages or increases in labor costs, possible increases in shipping rates or interruptions in shipping service, effects of competition, possible disruptions or delays in the opening of new stores or the inability to obtain suitable sites for new stores, higher than anticipated store closing or relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. costs, higher interest rates, the performance of the company's online and other initiatives, the performance and successful integration of acquired businesses, the success of the company's strategic investments, unanticipated increases in merchandise or occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal , unanticipated adverse litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. results or effects, the results or effects of any governmental review of the company's stock option practices, product shortages, and other factors which may be outside of the company's control. Please refer to the company's annual, quarterly and periodic reports on file with the SEC for a more detailed discussion of these and other risks that could cause results to differ materially. [TABLE OMITTED] [TABLE OMITTED] |
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