Barnes & Noble Inc. said its first-quarter net loss widened because it took a $14.9 million
investment writedown and had a loss from its Internet business. The largest U.S. bookstore chain raised its annual forecast.
The loss widened to $16.3 million, or 25 cents a share, from
$11.5 million, or 18 cents, a year earlier, Barnes & Noble said in
a statement. Sales in the quarter ended May 4 rose 12 percent to
$1.13 billion from $1.01 billion.
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Barnes & Noble wrote down its holdings in Gemstar-TV Guide
International Inc. after the value of its shares tumbled by 75
percent in the past year. Barnes & Noble.com Inc. contributed a $4
million loss, the company said. Barnes & Noble boosted its profit
forecast for the year because of increasing earnings at its 60
percent owned GameStop video-game chain.
Bloomberg News
