Barnes & Noble Posts Profit, Trims Forecast
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Barnes & Noble Inc. reported its first quarterly profit of the year, but the results were lower than expected and the company reduced its forecast for the rest of 2002.
For the quarter ended Aug. 3, the bookseller reported a profit of $1.4 million, or 2 cents a share, an improvement from a loss of $1.7 million, or 3 cents, reported a year ago.
Sales were up 10% to $1.16 billion.
The company said it is lowering its second-half forecast because of the difficult retail environment. Still, the company said the third quarter probably will exceed last year’s results.
Barnes & Noble shares fell 50 cents to $22.93 on the NYSE.
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