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Barnes & Noble posts third-quarter loss and 2018 outlook disappoints

Last updated: 09:35 01 Mar 2018 EST, First published: 04:10 01 Mar 2018 EST

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Looking to 2018, the company said it expected same-store sales to decline in the mid-single digits

Barnes & Noble Inc. (NYSE:BKS) saw its shares fall in early trading on Thursday after the bookseller reported a loss for the third-quarter and said it expected sales decline in 2018.

The NYSE-listed group reported a quarterly loss of US$63.5mln or 87 US cents a share, an almost complete reversal from a net income of US$70.3mln or 96 US cents a share in the same period last year.

READ: Barnes & Noble results make poor reading, with an above-forecast second-quarter loss

The group's third-quarter sales declined to US$1.23bln, down from US$1.3bln a year earlier, with same-store sales falling by 5.8%.

Looking to 2018, the company said it expected same-store sales to decline in the mid-single digits.

Barnes & Noble has implemented a long-term strategic plan that includes expense reductions that are expected to result in annual savings of US$40mln.

In early New York trading, Barnes & Noble shares were down 1.1% at US$4.45.

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