Barnes & Noble on Thursday said it turned a profit in its fiscal second-quarter as higher revenue from its Nook e-book and e-bookstore division offset a decline at retail stores.
The largest traditional book retailer has been fighting tough competition from online retailers and discount stores by investing heavily in its Nook e-book reader.
Sales from that division rose 6 percent to $160 million. Digital content sales rose 38 percent. Barnes & Noble introduced two new Nook e-readers, a 7-inch Nook HD and 9-inch Nook HD+, during the quarter, which began shipping just after the quarter closed.
Net income totaled $2.2 million for the three months ended Oct. 27. That translates to a loss of 4 cents per share, however, after the impact of preferred stock dividends. That matched analysts' expectations, according to FactSet..
The results compare with a prior-year loss of $6.6 million, or 17 cents per share.
Revenue was nearly flat at $1.88 billion. Analysts expected revenue of $1.91 billion.
Revenue from stores fell 3 percent to $996 million. Its college bookstores' revenue rose less than 1 percent to $773 million. Revenue in stores open at least one year, excluding sales of Nook products, rose 1.8 percent.
The metric is considered a key gauge of a retailer's fiscal health because it excludes stores that open or close during the year.
Barnes & Noble shares slipped 14 cents to $15.91 in morning trading. They have traded in a range of $9.35 to $26 over the past year.
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