Barnes & Noble Swings to Profit

Barnes & Noble Inc., the world’s largest book retailer, had a fiscal first-quarter profit of $12.5 million as shoppers bought hardcover books on politics and the Iraq war such as Bob Woodward’s “Plan of Attack.”

Net income of 17 cents a share in the quarter ended May 1 beat analysts’ consensus estimate by 5 cents. A year earlier, the firm posted a net loss of $2.03 million, or 3 cents a share.

Sales increased 23% to $1.45 billion, the New York-based retailer said.

Shares of Barnes & Noble rose 43 cents to $29.08 on the New York Stock Exchange.

From Bloomberg News

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