With comp store sales up 2.6%, total revenue rose 5.7% at Barnes & Noble in the third quarter ended November 3, hitting $1.17 billion. Comparable sales at B&N.com increased 14.5% in the period, to $108.2 million. The retailer posted net income of $4.3 million in the quarter compared to a loss of $2.8 million in last year’s third period. The sales increase was at the high end of estimates and profits exceeded expectations. B&N CEO Steve Riggio attributed the strong results to strong sales of new releases and bestsellers and higher than forecast gross margins.
In good news for publishers, B&N predicted that same store sales in the fourth quarter will be up in the low single digits; B&N had expected comp sales to be flat to slightly positive. Trends at B&N.com were “encouraging,” Riggio said.
