Boosted by the acquisition of Barnes & Noble College Booksellers andsales of the Nook, total revenue at the retailer rose 33%, to $2.17 billion,for the third quarter ended January 30. Net income slipped to $80.4 millionfrom $81.0 million in the comparable period in fiscal 2009. The college stores,acquired in September, added $566 million to revenue in the quarter, althoughcomp store sales were down 1.3%. The addition of the college division offsetanother weak performance by B&N's trade stores where sales fell 4.7%, to$1.4 billion, and same store sales were off 5.5%. Barnes & Noble.com hadits best quarter ever with sales up 32%, to $210 million, and the company saidsales accelerated throughout the quarter, jumping 67% in January.
Much of B&N.com's success was attributed to the Nook. "nook beganshipping only in the middle of the third quarter, and, as evident in our sales,we are thrilled with how customers have embraced our product and our digitaleBook platform," said Steve Riggio, CEO of Barnes & Noble, Inc. "Inaddition to the accelerating online sales trends, nook sales have been strongat our bookstores since the product became available earlier this month."
Despite the success of the Nook, the company's forecast for the finalquarter of fiscal 2010 continues to call for a decline in comp sales at itstrade stores with same store sales expected to fall between 2% and 4% for thequarter ending May 1. B&N College's comparablestore sales are expected to be in a range of (1%) to 1%. Full-year comparablestore sales at Barnes & Noble stores are expected to decline 3% to 5% withCollege's comparable store sales to be in a range of (1%) to 1% from theacquisition date to the end of fiscal 2010.
The fourth quarter loss per share is expected to be in a range of $0.85 to$1.15 and fiscal year 2010 earnings per share is expected to be in a range of$0.23 to $0.53. For the nine month period ended January 30, total B&N saleswere up 13.3%, to $4.49 billion, and net income was $68.7 million, down from$78.1 million in the comparable period in fiscal 2009.