Books-A-Million reports slightly lower revenue in latest earnings report
While still reporting losses, the retailer narrowed losses to $3 million for the quarter compared to $9.1 million a year ago
BIRMINGHAM, Ala.– August 29, 2014 — Books-A-Million, Inc. today announced financial results for the 13-week and 26-week periods ended August 2, 2014. Revenue for the 13-week period ended August 2, 2014 decreased 0.5% to $108.3 million, compared with revenue of $108.8 million in the year earlier period. Comparable store sales for the second quarter increased 0.1% compared with the 13-week period in the prior year. Net loss attributable to Books-A-Million for the second quarter was $3.0 million, or $0.21 per diluted share, compared with a net loss of $9.1 million, or $0.62 per diluted share, in the year earlier period.
For the 26-week period ended August 2, 2014, revenue decreased 0.1% to $212.1 million from revenue of $212.4 million in the year earlier period. Comparable store sales declined 1.2% compared with the same period in the prior year. For the 26-week period ended August 2, 2014, net loss attributable to Books-A-Million was $8.6 million, or $0.59 per diluted share, compared with a net loss of $12.8 million, or $0.87 per diluted share, in the year earlier period.
The results for the 13-week and 26-week periods ended August 3, 2013 include higher income tax expense due to the recording of a non-cash valuation allowance and the reversal of previously recorded income tax benefits. Current year results reflect the full valuation allowance that has been established against deferred tax assets.
Commenting on the results, Terrance G. Finley, Chief Executive Officer and President, said, “In our BAM! retail stores, the continued improvement in our core book business was a key driver of our performance. The teen and children’s book business was particularly strong, led by the positive impact of media, particularly movie related tie-ins such as John Green’s Fault In Our Stars, and Disney’s Frozen. In addition we had a broad group of merchandise categories showing stronger results for the quarter. These included bargain books, general merchandise including gifts and toys, media, and our cafes. As for our 2nd and Charles buy-sell-trade stores, we opened our twentieth location in Charlotte, NC. Lastly, in our Real Estate segment, we added our fourth shopping center located in Jacksonville, FL and have made notable development progress at our Gardendale, AL center.”