In its second-largest acquisition, Amazon buys the company for $970 million.
Comparable-store sales declined 13.2%.
The web was up but other financials in the first quarter went in a different direction of Books-A-Million Inc.
For the first quarter ended April 30, Books-A-Million, No. 398 in the Internet Retailer Top 500 Guide, reported:
- Web sales grew 12.5% to $6.3 million from $5.6 million in the first quarter of 2010.
- Total sales decreased 11.1% to $104.0 million from $117.0 million.
- Comparable-store sales declined 13.2%.
- Net loss was $3.5 million compared with net income of $2.0 million in the first quarter of 2010.
“Results for the quarter reflect a very challenging retail calendar, the growing effect of e-book penetration and, at the end of the quarter, the effects of the devastating tornado outbreak that hit our region,” says Clyde B. Anderson, CEO of the Birmingham, AL-based retailer. “Bargain books, electronics, media and gift businesses continue to grow, and we remain committed to diversifying our assortment to build these exciting categories. Our balance sheet remains strong, and we are well-positioned to take advantage of the opportunities that lie ahead.”
Internet Retailer calculates the web accounted for 6.1% of total sales compared with 4.8% in the prior year.
Books-A-Million operates 230 stores in 23 states and the District of Columbia.