It turns out that the positive revenue report from the third quarter was a fluke rather than the start of a turnaround.
Barnes & Noble reported sales and earnings for its fiscal 2019 fourth quarter and fiscal year on Friday. Its sales totaled $3.6 billion for the full year and $755 million for the quarter, falling 3.0% and 3.9% from the prior year periods, respectively. Comparable store sales declined 2.3% for the fourth quarter and 1.9% for the full year.
Nook revenues totaled $92 million for the fiscal year, a decline of 17% from the previous year.
The consolidated fourth quarter net loss was $18.7 million, compared to a loss of $21.1 million in the prior year. Fiscal 2019 net earnings were $3.8 million compared to a net loss of $125.5 million in the prior year.
Those details, plus the SEC filing, is all we will have to go on because B&N has announced that they will not be hosting a conference call this quarter to discuss the results. They’ve pointed at the Elliott deal as their justification.
That deal won’t be completed until October, so this is more of a cop out than a valid justification.