Barnes & Noble 1Q loss widens; Riggio ends offer

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Associated Press

Posted on August 20, 2013 at 7:01 AM

Updated Tuesday, Aug 20 at 8:02 AM

NEW YORK (AP) — Barnes & Noble's first-quarter net loss more than doubled and the company's chairman is calling off his offer to buy the booksellers' retail business.

The loss was larger expected. The book seller's stock fell 11 percent in premarket trading.

The New York company is reviewing its strategy after its CEO left and it decided to stop making its Nook color tablets. Its Chairman Leonard Riggio is ending a bid for the company's bookstores.

Net loss for the three months ended July 27 totaled $87 million or $1.56 per share. That compares with a loss of $39.8 million, or 76 cents per share, last year.

Excluding one-time items, the loss totaled 86 cents per share. Analysts expected 81 cents.

Revenue fell nearly 9 percent to $1.33 billion. Analysts expected $1.32 billion.

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