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Barnes & Noble tops mark
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August 23, 2001: 10:36 a.m. ET
No. 1 bookseller breaks even in 2Q vs. forecast of loss
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NEW YORK (CNNfn) - Barnes & Noble Inc. said Thursday it broke even in the second quarter as the nation's No. 1 bookseller logged higher sales but reiterated future earnings guidance.
New York-based Barnes & Noble's (BKS: up $1.94 to $42.70, Research, Estimates) posted break-even results for the quarter, ended Aug. 4, compared with a loss of 11 cents a share a year earlier. Analysts on average had forecast a loss of 12 cents a share in the latest period, according to earnings tracker First Call.
Excluding charges related to barnesandnoble.com, its e-commerce arm, the company reported net earnings of $9.6 million, or 15 cents a share, compared with n $4.5 million, or 7 cents a share, a year earlier.
Revenue increased to $842.7 million from $797 million.
The company also said it sees no reason to change full-year guidance due to the slowing economy. Analysts polled by First Call expect earnings of $1.60 a share for the year versus $1.06 the previous year.
"In spite of the very positive trends we have experienced in the second quarter and owing to the uncertain economic conditions with which we are confronted, our earnings guidance for the year-end remains unchanged," CEO Leonard Riggio said.
The company also said it plans to file a registration statement with the U.S. Securities and Exchange Commission seeking to take its GameStop division public. GameStop, a chain of computer and video game software stores formerly known as Babbage's, posted second-quarter sales of $206.8 million, a 63 percent jump from a year ago. Sales at stores open at least a year, a key figure known as same-store sales, increased 33.1 percent in the quarter. 
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Barnes & Noble
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