Shares of Barnes & Noble (BKS) were sliding near noon after the book retailer reported results for its fiscal third quarter and notably lowered its EBITDA guidance for fiscal 2019. WHAT’S NEW: Before the market open on Thursday, Barnes & Noble reported Q3 adjusted earnings per share of $1.21 on revenue of $1.23B, compared with analysts’ estimates for $1.10 and $1.24B, respectively. Comparable store sales rose 1.1% in the quarter, reflecting the company’s “best quarterly performance in several years,” it said. “In fiscal 2019, we have been focused on growing the top line, which contributed to our best holiday in years,” said Len Riggio, chairman of Barnes & Noble. “Sales benefited from our new ad campaign, increased marketing and promotions, and an improved omni-channel experience for our customers. We believe these efforts are laying the foundation for sustained growth.” However, the retailer lowered its FY19 EBITDA view to a range of $140M-$155M from its previous view of $175M-$200M, excluding unusual or non-recurring items. The company said the guidance includes the impact of incremental investments the company is making in its business, as well as lower than expected post-holiday sales. WHAT’S NOTABLE: Yesterday, the Wall Street Journal’s Esther Fung reported that Amazon (AMZN) plans to shutter all 87 of its U.S. pop-up stores, with the closings expected by the end of next month. “After much review, we came to the decision to discontinue our pop-up kiosk program,” an Amazon spokeswoman told the Journal, noting that the company plans to expand its bookstores as well as its so-called 4-star stores, which sell products rated four stars or higher by Amazon customers. PRICE ACTION: Near noon, Barnes & Noble shares are down 16.4% to $4.88.
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