B&N Reports Revenues Down Across the Board
According to the(which was also filed with the SEC as the 10-K report), the company saw a net loss was $19.4 million in the 4th quarter, compared to $36.7 million in the same period last year. For FY2015 B&N reported net earnings of $36.6 million, down from $47.3 million in the prior fiscal year.
With the exception of B&N College, revenues were down in all units, both for the quarter and for the year. On the plus side Nook revenues were half of those reported in FY2014 ($263.8 million vs $505.9 million) but the 4th quarter revenues didn’t drop quite as sharply ($52.4 million vs $87.1 million).
In related news, B&N sold $177 million in digital content last fiscal year, or about 28% less than the previous year. It’s a new low but the decline has slowed. Perhaps this means that the blood has stopped gushing.
From the press release:
- Retail: The Retail segment, which includes Barnes & Noble Bookstores and BN.com, had revenues of $869 million for the quarter and $4.1 billion for the full year, decreasing 9.0% and 4.4%, respectively. The inclusion of the 53rd week contributed $57 million in additional sales in fiscal 2014, representing a majority of the sales decline for the quarter.
- B&N College: The College segment had revenues of $274 million for the quarter, decreasing 8.1% as compared to a year ago. The inclusion of the 53rd week contributed $15 million in additional sales in fiscal 2014. … For the fiscal year, despite the comparison to a 53-week year, College sales increased 1.4% to $1.8 billion, led by new store growth.
- Nook: The NOOK segment (including digital content, devices and accessories) had revenues of $52 million for the quarter and $264 million for the full year, decreasing 39.8% for the quarter and 47.8% for the year.Device and accessories sales were $13 million for the quarter and $86 million for the full year, declining 48.2% and 66.7%, respectively, due to lower unit selling volume. Digital content sales were $40 million for the quarter and $177 million for the full year, declining 36.5% and 27.8%, respectively, due primarily to lower device unit sales.
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