Barnes & Noble Q2 2016 sales $895 million, down 4.5%Staff writer ▼ | December 5, 2015
Barnes & Noble reported sales and earnings for its fiscal 2016 second quarter ended October 31, 2015. Sales were $895 million, decreasing 4.5% as compared to a year ago.
Barnes & Noble The second quarter EBITDA loss was $20.5 million
The second quarter net loss from continuing operations was $27.2 million or $0.36 per share, compared to net loss from continuing operations of $5.1 million, or $0.16 per share, in the prior year. The after-tax impact of the severance charge was $0.08 per share for the quarter.
Retail sales, which include Barnes & Noble stores and BN.com, were $861 million, decreasing 3.1% due to lower online sales, store closures and a 1% comparable store sales decrease. Excluding NOOK products, comparable store sales decreased 0.5% for the quarter.
Retail EBITDA was $0.8 million, decreasing $23.4 million as compared to the prior year. $10.5 million of the decrease was attributable to the severance charge, while the balance of the decrease was due to lower bookstore and online sales as well as bookstore wage increases.
NOOK sales of $43.5 million decreased 31.9% due primarily to lower content sales. NOOK EBITDA losses of $21.3 million declined $15.1 million versus the prior year as the company continues to reduce expenses.
Through Black Friday weekend, third quarter comparable store sales excluding NOOK products increased 1.1%.
For fiscal year 2016, the Company continues to expect comparable store sales to be approximately flat with the prior year. Excluding NOOK products, comparable store sales are expected to increase approximately 1%. The Company also expects full fiscal year EBITDA losses in the NOOK segment to decline versus the prior year.
As a result of the College spin-off, historical College results have been adjusted to include separation related costs, including investment banking fees of $7 million, and exclude corporate allocations with Retail and have been classified as discontinued operations. ■