Books-A-Million sees revenue dip slightly, net loss grows to $5.8M
Sales results helped by Harper Lee’s Go Set A Watchman, but same store sales decrease in quarter
Some companies like to release huge, thorough earnings statements (se WPP’s from yesterday here). Others don’t have much to say. The release below from Books-A-Million falls in the latter category.
The reason may be that the results were not very good: revenue fell in the quarter, though only by a small amount. But the company’s losses grew, as well, so that’s as good a reason for a nice, short statement.
BIRMINGHAM, Ala. – August 27, 2015 — Books-A-Million, Inc. today announced financial results for the 13-week and 26-week periods ended August 1, 2015. Revenue for the 13-week period ended August 1, 2015, decreased 0.4% to $107.9 million, compared with revenue of $108.3 million in the year earlier period. Comparable store sales for the second quarter decreased 0.3% compared with the 13-week period in the prior year. Net loss attributable to Books-A-Million for the second quarter was $5.8 million, or $0.41 per diluted share, compared with a net loss of $3.0 million, or $0.21 per diluted share, in the year earlier period.
For the 26-week period ended August 1, 2015, revenue decreased 1.1% to $209.7 million from revenue of $212.1 million in the year earlier period. Comparable store sales declined 0.6% compared with the same period in the prior year. For the 26-week period ended August 1, 2015, net loss attributable to Books-A-Million was $11.1 million, or $0.78 per diluted share, compared with a net loss of $8.6 million, or $0.59 per diluted share, in the year earlier period.
Commenting on the results, Terrance G. Finley, Chief Executive Officer and President, said, “While we benefitted late in the quarter from the phenomenal success of Harper Lee’s Go Set A Watchman and E.L. James’ Grey, we were not able to fully offset the significant prior year media driven sales of John Green’s Fault In Our Stars, Veronica Roth’s Divergent series and Todd Burpo’s Heaven Is For Real. Again, this quarter we saw strong performances in our cafés and in our general merchandise departments.”