Books-a-Million Reports 3rd Quarter Loss, Drop in Sales

Posted on November 26, 2011

Books-a-Million announced its 3rd quarter financial results for the quarter ended October 29, 2011. The company reported that net sales were down by 8.1% to $94.4 million from net sales of $102.7 million in the year-earlier period. Comparable store sales also suffered, declining 7.7% compared with the 13-week period in the prior year.

The company had a net loss for the third quarter of $4.0 million, or $0.25 per diluted share, compared with a net loss of $1.7 million, or $0.11 per diluted share, compared to the prior year. The company attributed some of the loss to one time charges related to the closing of 21 locations that were underperforming, and the opening of 41 new stores beginning this month.

Net sales were down 10.1% compared to last year. Clyde B. Anderson, Chairman and Chief Executive Officer, said, "Results for the quarter reflect a reduction in the comparable store sales decline that we have experienced year to date. An improved publishing lineup and good performance from our general merchandise expansion were partially offset by the effects of the Border's liquidation sales in 15 of our markets. We are excited to be bringing the BAM! brand to new markets throughout the country and we are focused on preparations for the holiday season."