PW Daily reports that sales at Books-A-Million rose 2.1% in the first quarter ended May 5, to $116.3 million while earnings jumped 40%, to $2.1 million. The revenue gain came despite a 0.5% decline in same store sales in the period. The increase in earnings was attributed to fewer discounts as well as a minor increase in operating expenses.
Meanwhile, losses are growing for Borders as it faces a difficult sales environment and a shortage of exciting new releases, according to Business Week. The company said it lost $35.9 million, or 61 cents per share, in its fiscal first quarter ending May 5, compared with a loss of $20.2 million, or 31 cents per share, in the prior year quarter. Excluding costs for store closings and other nonrecurring items, Borders said it lost $29.9 million, or 51 cents a share, even greater than projections of losses of 38 cents per share.
- 4 Publishing Houses Sign with Consortium For Distribution
- Judith Regan's New Multimedia Company to Release Book on Virtual Reality
- Pearson Picks First Book to Oversee the 'We Need Books' Digital Platform
- Executives to Transform McSweeney's Into a Non-Profit Organization