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Article: Barnes & Noble 2nd-qtr profit beats expectations
- Article from:
- AP Online
- Article date:
- August 20, 2009
- Author:
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Barnes & Noble Inc., the nation's largest bookstore chain, said Thursday its second-quarter profit fell 27 percent, but results beat analyst expectations as the company cut costs.
Profit for the three months ended Aug. 1 fell to $12.3 million, or 21 cents per share, from $16.8 million, or 27 cents per share last year. Excluding a benefit from an insurance settlement, net income was 14 cents per share. Analysts expected 9 cents per share and the company had predicted a range of 5 cents to 15 cents per share.
Selling and administrative expenses fell 4 percent during the quarter to $288.7 million.
Revenue fell 5 percent to $1.16 billion, matching analyst expectations. ...