Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-commerce and total sales declined 3.8% and 11.8%, respectively.
Books-A-Million Inc. cites a weak economy and a lack of current top sellers for a drop in sales in the third quarter, including e-commerce.
For the third quarter ended Oct. 30, Books-A-Million, No. 350 in the Internet Retailer Top 500 Guide reported:
- Web sales declined year over year 30.6% to $4.3 million from $6.2 million in the third quarter of 2009.
- Total sales decreased year over year 5.5% to $104.8 million from $110.9 million.
- Comparable-store sales declined 5.8%.
- Net loss was $1.6 million compared with a net loss of $1.7 million in the third quarter of 2009.
“Comparable-store sales for the third quarter were disappointing as we faced a tough comparison to last year's bestseller lineup and a cost-conscious consumer buying fewer hardcover books,” says CEO Clyde B. Anderson. “We did see continued positive trends in bargain books and gifts. As we look forward to the fourth quarter we are excited about our new toy, gift and electronics departments, our entry into the video game business, our expanded offering of DVDs and the introduction of the Nook range of e-readers."
Internet Retailer calculates the web accounted for 4.1% of total sales, compared with 5.6% in the prior year.
For the first three quarters:
- Web sales declined year over year 11.8% to $15.0 million from $17.0 million in the first three quarters of 2009.
- Total sales decreased year over year 2.8% to $341.8 million from $351.5 million.
- Comparable-store sales declined 4.2%.
- Net income grew 10.5% to $2.1 million from $1.9 million in the first three quarters of 2009.
Internet Retailer calculates the web accounted for 4.4% of total sales, compared with 4.8% in the prior year.