Two top bookstore chains posted earnings today, and neither reported a happy ending to the quarter.
Barnes & Noble said it lost $24 million in its fiscal second quarter, totaling 43 cents per share, as compared to a narrower loss of $16 million, or 34 cents per share.
Revenue rose 4 percent to $1.16 billion, and its adjusted loss totaled 30 cents per share.
Barnes & Noble lowered its full-year forecast of 33 to 63 cents per share, as compared to a previous forecast of 59 to 89 cents per share.
Barnes & Noble shares are trading down nearly six and a half percent on Tuesday morning.
Also today, rival Borders Group posted its third straight quarterly loss. The company lost $38.5 million, or 64 cents per share in the third quarter, as compared to a wider loss of $172.2 million, or $2.85 per share in the same quarter last year.
Sales at bookstores continued to slide, with revenue falling 13 percent to $602.5 million.
Borders, with 1,000 Borders and Waldenbooks stores worldwide, has continued to cut inventory and work on lowering costs, as well as expand its offerings beyond books to attract consumers.
Borders shares are trading down nearly six percent on Tuesday.
For MarketNewsVideo.com, I'm Angela Salvucci.
