Barnes & Noble.com Q3 sales drop 3.5% but net loss narrows
Online book seller Barnes & Noble.com posted a 3.5% year-over-year drop in third-quarter net sales to $99 million from $102.6 million, but its Q3 net loss narrowed by 30.4%, to $12.2 million from $17.5 million, the company said today. It also said that its EBITDA loss, or earnings before interest, taxes, depreciation and amortization, improved 36.1%, to $6 million from $9.3 million.
The company attributed its narrower loss figures to a 13.8% year-over-year decrease in Q3 operating expenses, which were 36.9% of net sales, down from 41.3% a year ago. It also said its Q3 gross margin improved to 24.6% from 24% a year ago. Its third quarter ended Sept. 30.
Lower operating expenses plus a push on new merchandise and marketing programs should put Barnes & Noble.com in a good position to realize strong holiday performance, CEO Marie Toulantis said. "We are well-positioned for a strong holiday season," she said. "We have exciting merchandising and marketing programs planned for this holiday, and we remain focused on EBITDA profitability for the fourth quarter 2003 by continuing to build on the strong operational efficiencies realized throughout the year."
Barnes & Noble.com said it expects full-year 2003 sales to be in the range of $415 million to $435 million. Its 2002 sales totaled $422.8 million.
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