Barnes & Noble misses by $0.15, misses on revs; reaffirms FY comps and EBITDA outlook (7.80)
- Reports Q2 (Oct) loss of $0.41 per share, $0.15 worse than the Capital IQ Consensus of ($0.26); revenues fell 7.9% year/year to $791.12 mln vs the $812.2 mln Capital IQ Consensus. Comparable store sales decreased 6.3%, with approximately half of this decline attributable to last year's release of Harry Potter and The Cursed Child.
- Co states, "Book sales continued to strengthen, and we saw improved traffic and conversion trends. As a result of the improving trends, we will continue to place a greater emphasis on books, while further narrowing our non-book assortment."
Outlook
- For fiscal 2018, the Company expects comparable sales to decline in the low single digits and full year consolidated EBITDA to be approximately $180 million. The Company expects comparable store sales to be approximately flat for the balance of the fiscal year. Additionally, the company plans to reduce costs by $40 million for the full fiscal year.