Barnes & Noble and Books-A-Million both reported healthy sales increases for the third quarter ended October 30. At B&N, total revenues were up 9.0% to $715.9 million, with sales at the chain's superstores leading the way with a 12.3% increase to $622.3 million. Comparable store sales rose 5.9% at the superstores, but fell 0.8% at the company's Dalton outlets. Revenues do not include sales from Babbage's, the software chain, whose acquisition by B&N was completed October 28.
Net income in the period was $3.4 million compared to a loss of $4.6 million in last year's third quarter. Earnings reflect net income of $8.6 million from B&N's retail operations, partially offset by its investment in barnesandnoble.com. B&N reported that sales were up across all book categories, with especially strong demand for titles like the three Harry Potter titles, various Pokemon books and works by Tom Clancy, Tom Wolfe and James Patterson. Company chairman Len Riggio believes that B&N "is in a position to have a strong holiday season."
For the first nine months of the year, sales were ahead 9.3% to $2.16 billion and net income was $21 million compared to a net loss of $13.7 million in the same period last year.
At Books-A-Million, revenues rose 15.5% to $91.2 million, and the company trimmed its net loss from $1.5 million to just under $1 million. During the quarter, BAM said its comparable store sales increase of 12.2% was a company record; in the prior fiscal year, BAM had disappointing same store results. BAM CEO Clyde Anderson said that sales were up in its core book business as well as in its merchandise categories. Anderson noted that sales at booksamillion.com grew at a "rapid pace," although the company did not break out figures for the online e-retailer.
Sales for the first nine months of the year were up 15.0% to $266.2 million, and the company had a net loss of $595,000, down from $2 million in the first nine months of fiscal 1999.
