Barnes & Noble reports 25 percent rise in second quarter revenues.NEW YORK--(BUSINESS WIRE)--Aug. 15, 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 second quarter ended July 27, 1996, rose 25 percent to $524.3 million, up from $420.1 million a year ago. Superstore revenues increased 40 percent to $399.1 million and accounted for 76 percent of total company revenues during the quarter, up from 68 percent during the second quarter of fiscal 1995. Results of operations for the second quarter were a net loss of ($2.7) million, or ($0.08) per share (based on 33.0 million shares), as compared with the year-ago second quarter net loss of ($2.6) million, or ($0.08) per share (based on 30.4 million shares). Cash flows from operations before pre-opening expenses during the second quarter increased 43 percent to $24.8 million from $17.4 million during the same period a year ago. This performance reflects the company's steadily improving 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. . Same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. for the company's superstores (excluding relocations) increased 4.5 percent during the quarter, while comparable sales for the company's mall bookstores decreased 1.4 percent. For the first two quarters of 1996, superstore comparable sales were up 5.2 percent and mall bookstore comparable sales were down 0.3 percent. The Olympics had a strong negative impact on sales during the last nine days of the second quarter and the first eight days of the third quarter; however, the tone of business is currently returning to early July trends. New releases such as Tom Clancy's Executive Orders, the fourth and fifth installments of Stephen King's Green Mile, Patricia Cornwell's Cause of Death, and Anne Rice's Servant of the Bones Servant of the Bones (1996) is a historical horror novel by Anne Rice. Plot introduction It is an autobiographical account of the creation and subsequent existence of a genii, Azriel. have helped launch third quarter sales. These releases will be followed in quick order by a particularly strong fall line-up of new titles, including Make the Connection, co-authored by Oprah Winfrey “Oprah” redirects here. For the show, see The Oprah Winfrey Show. Oprah Gail Winfrey (born January 29, 1954) is the American multiple-Emmy Award winning host of The Oprah Winfrey Show, the highest-rated talk show in television history. and her personal trainer personal trainer person n → (persönlicher) Fitnesstrainer m, (persönliche) Fitnesstrainerin f , Bob Greene This article is about the modern journalist and author. For the personal trainer and fitness expert, see Bob Greene (fitness guru). For other persons named Robert Greene, see Robert Greene (disambiguation). Robert Bernard Greene, Jr. (following the phenomenal success of In the Kitchen with Rosie); Stephen King's Desperation, which will be accompanied by Regulators from his pseudonym pseudonym (s  `dənĭm) [Gr.,=false name], name assumed, particularly by writers, to conceal identity. A writer's pseudonym is also referred to as a nom de plume (pen name). , Richard Bachman, and Law
of Love by Laura Esquivel Laura Esquivel (born September 30, 1950) is a Mexican author. She was born the third of four children of Julio César Esquivel, a telegraph operator, and his wife Josefa Valdés. .Barnes & Noble, Inc. is the leading retail bookseller in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The company opened 16 superstores during the second quarter and operated 390 superstores and 617 mall bookstores as of July 27, 1996. 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 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 26 weeks ended
July 27, July 29, July 27, July 29,
1996 1995 1996 1995
Revenues $ 524,321 420,080 1,033,076 822,051 Cost of sales, buying and occupancy 340,236 273,226 673,712 535,178 Gross profit 184,085 146,854 359,364 286,873 Selling and administrative expenses 105,185 86,436 209,412 173,557 Rental expenses 54,149 43,057 107,264 84,557 Depreciation and amortization 14,266 11,132 27,855 21,691 Pre-opening expenses 4,863 2,751 9,352 5,519 Operating profit 5,622 3,478 5,481 1,549 Interest expense, net 10,169 7,075 18,513 13,125 Benefit for income taxes (1,826) (1,018) (4,918) (3,711) Net loss $ (2,721) (2,579) $ (8,114) (7,865) Net loss per common share $ (.08) (.08) $ (.25) (.26) Weighted average common shares outstanding 33,005,000 30,412,000 32,986,000 30,360,000 CONTACT: Barnes & Noble, Inc. Investor Contact, Irene R. Miller Vice Chairman, CFO See Chief Financial Officer. 212/633-3451 or Jennifer Wolfertz, Manager Corporate Communications 212/633-3389 or Media Contact, Lisa Herling V.P. Corporate Communications 212/633-3339 |
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