Barnes & Noble Profit Falls After Spinoff

Barnes & Noble Inc. said fiscal fourth-quarter earnings fell 11%, hurt by its spinoff of the GameStop video game chain. Shares of the company dropped the most in 27 months after it forecast that profit this year wouldn’t meet analysts’ estimates.

Net income slid for the third straight quarter, declining to $115.6 million, or $1.56 a share, from $130.2 million, or $1.65, a year earlier when GameStop added 30 cents a share to profit.

Sales rose 5.4% to $1.67 billion, New York-based Barnes & Noble said.

Shares of Barnes & Noble fell $2.59, or 7.5%, to $31.95 on the NYSE.