B&N Profits Up 43%

-- Publishers Weekly, 3/22/1999

Barnes &Noble, which earlier this year reported an 8% increase in sales to $3 billion (News, March 1), reported a net income increase of 43%, to $92.4 million, for the fiscal year ended January 31, 1999.

Results reflect net earnings of $96.8 million from the company's retail operations and a net loss of $4.4 million in B&N's investment in Barnesandnoble.com. The loss in Barnesandnoble.com consisted of a $42.1 million net loss in B&N's equity investment, which was nearly offset by a gain of $37.6 million from Bertelsmann's investment in the online bookseller.

During the year, the company opened 50 superstores, relocated 11 and closed two, finishing the year with 521 B&N superstores. At Dalton, the company closed 43 stores in the year and opened four, to finish fiscal '99 with 484 Dalton outlets.

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