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June 25, 2013 04:49 pm GMT
Barnes & Noble reported its fiscal fourth quarter earnings this morning, and the financials make it clear that the company is still struggling to figure out how it fits into the larger digital reading ecosystem. All told, BN reported a quarterly net loss of $118.6 million (compared to $56.9 million from the year ago quarter) which works out to a loss of $2.11 per share on $1.3 billion in revenue. Analysts weren’t expecting much going into this quarter (and BN’s own anemic guidance from Q3 didn’t inspire much confidence): the consensus according to Bloomberg was for the company to report a loss of $0.96 per share on $1.3 billion in revenue. They also predicted a 4% drop in annual revenue for the company, which was just about right on the money — the company reported $6.8 billion in revenue for fiscal 2013. BN’s retail business didn’t look too hot this time around, as quarterly revenue was down 10% year-over-year to $948 million (though the company cites the strength of series like The Hunger Games and Fifty Shades of Grey as inflating last year’s numbers). Barnes & Noble founder Leonard Riggio started openly opining on the notion of buying back the company’s 689 brick-and-mortar stores (not to mention bn.com) back in February. Should the transaction eventually come to pass — which is by no means a given — Barnes & Noble will effectively be left with its Nook Media business. Meanwhile, Nook Media (which BN owns 78% of after you factor in Microsoft and Pearson’s stakes) continues to look like a real stinker this quarter. It reported a relatively scant $108 million in quarterly revenue, which represents a stagger 34% drop from the year-ago quarter. The intensity of that dip is surprising, but not to some — some analysts have pegged the sales slump on the fact that Nook tablets lacked the productivity acumen and app access to compete with other low-cost devices. Barnes & Noble finally managed to fix that this past May by striking a deal with Google to fold Google Play Store access and a few stock Android applications like Gmail and Chrome into Nook tablets, and has been trying to jumpstart Nook sales by slashing prices in time for Fathers’ Day and announcing that those cuts will stay in effect for a while. What is new is that Barnes and Noble is looking to open up the
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/Xp1LO4_T4W0/
Barnes & Noble Reports Loss Of $118.6M On $1.3B In Q4, Plans To Open Nook Brand To Tablet OEMs
Barnes & Noble reported its fiscal fourth quarter earnings this morning, and the financials make it clear that the company is still struggling to figure out how it fits into the larger digital reading ecosystem. All told, BN reported a quarterly net loss of $118.6 million (compared to $56.9 million from the year ago quarter) which works out to a loss of $2.11 per share on $1.3 billion in revenue. Analysts weren’t expecting much going into this quarter (and BN’s own anemic guidance from Q3 didn’t inspire much confidence): the consensus according to Bloomberg was for the company to report a loss of $0.96 per share on $1.3 billion in revenue. They also predicted a 4% drop in annual revenue for the company, which was just about right on the money — the company reported $6.8 billion in revenue for fiscal 2013. BN’s retail business didn’t look too hot this time around, as quarterly revenue was down 10% year-over-year to $948 million (though the company cites the strength of series like The Hunger Games and Fifty Shades of Grey as inflating last year’s numbers). Barnes & Noble founder Leonard Riggio started openly opining on the notion of buying back the company’s 689 brick-and-mortar stores (not to mention bn.com) back in February. Should the transaction eventually come to pass — which is by no means a given — Barnes & Noble will effectively be left with its Nook Media business. Meanwhile, Nook Media (which BN owns 78% of after you factor in Microsoft and Pearson’s stakes) continues to look like a real stinker this quarter. It reported a relatively scant $108 million in quarterly revenue, which represents a stagger 34% drop from the year-ago quarter. The intensity of that dip is surprising, but not to some — some analysts have pegged the sales slump on the fact that Nook tablets lacked the productivity acumen and app access to compete with other low-cost devices. Barnes & Noble finally managed to fix that this past May by striking a deal with Google to fold Google Play Store access and a few stock Android applications like Gmail and Chrome into Nook tablets, and has been trying to jumpstart Nook sales by slashing prices in time for Fathers’ Day and announcing that those cuts will stay in effect for a while. What is new is that Barnes and Noble is looking to open up theOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/Xp1LO4_T4W0/
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