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Barnes & Noble warns
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November 8, 2001: 3:03 p.m. ET
Shares of No. 1 bookseller plummet after it lowers guidance on terrorism fears.
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NEW YORK (CNNmoney) - Shares of Barnes & Noble Inc. plunged Thursday following its revelation that profits for the rest of the fiscal year will come in much lower than forecasts.
Barnes & Noble lowered its second-half earnings forecasts for its core bookstores business and its full-year forecast for the entire company, citing below-plan sales as consumers shied away from the malls and shopping centers where most of its stores are located.
Barnes & Noble (BKS: down $13.38 to $24.70, Research, Estimates) now expects third-quarter earnings to come in at between 6 cents and 8 cents a share, well below the 18 cents a share it expected previously. For the fourth quarter, Barnes & Noble expects earnings to come in between $1.04 and $1.08 a share, well below last year's fourth-quarter result of $1.21 and analysts' expectations for a profit of $1.64 per share, according to First Call.
The company also said that its video game stores, include Babbages and GameShop, are on target for third-quarter earnings of a penny a share.
Barnes & Noble, the nation's number-one bookseller, also lowered the consolidated company's full-year earnings guidance to between $1.08 and $1.12 a share, although it noted that it posted $1.06 a share last year. Wall Street had expected a full-year profit of $1.60, according to First Call. 
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