NEW YORK — Barnes & Noble, which recently spun off its college bookstore business, reported a wider first-quarter loss as sales of its Nook e-reader and digital books fell sharply.
Shares of Barnes & Noble Inc. fell more than 12 percent Wednesday.
The bookseller said it plans to cut costs throughout the year to improve its finances. Its college bookstore business, which was the only unit to post an increase in sales in the quarter, was spun off last month. The company expects its spinoff of the college business to cost about $21 million in its second quarter. A new CEO, Sears Canada CEO Ronald Boire, will lead Barnes & Noble next month.
Revenue at its bookstores and website fell 1.7 percent from a year ago to $939 million in the first quarter. Revenue at its college business rose 5.7 percent to $239 million. Its Nook business posted a 22.4 percent drop in revenue to $54 million.
Its sales at stores open a year, which is considered a key measure of a retailer's health, rose 1.1 percent.
The New York company posted a loss of $34.9 million, or 68 cents per share, in its fiscal first quarter, compared with a loss of $28.4 million, or 56 cents per share, in the same quarter a year ago.
Revenue fell 1.5 percent to $1.22 billion.
Barnes & Noble shares fell $2.00, or 12.3 percent, to $14.30 in morning trading.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BKS at http://www.zacks.com/ap/BKS
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