Barnes & Noble Inc. said its fiscal second-quarter profit fell 27%, but results beat analyst expectations as the company cut costs.
Profit fell to $12.3 million, or 21 cents a share, from $16.8 million, or 27 cents, last year. Excluding a benefit from an insurance settlement, net income was 14 cents a share. Analysts expected 9 cents a share.
Revenue fell 5% to $1.16 billion, matching analyst expectations. Sales in stores open at least one year -- so-called same-store sales -- fell 6.9% during the quarter.