Looking Past The Obvious To See Why History Will Rhyme: Barnes & Noble Edition
12 Quarters • 15 Comments
12 Quarters • 15 Comments
Apr. 3, 2014, 12:45 PM
Apr. 3, 2014, 9:49 AM
- Barnes & Noble (BKS -10.2%) plunges at the open after Liberty Media (LMCA -0.1%) says it is selling the majority of its stake in the bookseller.
- LMCA will retain a 10% stake to allow BKS "greater flexibility" to right itself and will give up its right to have two representatives on the BKS board.
- In 2011, LMCA purchased a 17% stake in BKS, which has struggled to compete in a market increasingly dominated by mobile devices and downloadable data.
Apr. 3, 2014, 9:09 AM
Apr. 2, 2014, 5:38 PM
Mar. 13, 2014, 9:23 AM
- Barnes & Noble (BKS) discloses in a SEC filing that it entered an expanded agreement with Microsoft.
- The companies have agreed to co-brand within the Microsoft Consumer Reader for content delivered by Nook Media.
- Nook Media can stop its efforts to create a Window phone app due to the development.
- SEC Form 8-K
- BKS +1.0% premarket
Feb. 26, 2014, 1:44 PM
- Barnes & Noble (BKS +4.1%) CEO Husney says the company held about 20% of the e-book market, down from two years ago when it was in the 25%-27% range.
- Same-store sales at the company's retail stores were down 0.5% in FQ3 - fairly level with other retail chains for the period. A bright spot was the 12% increase in comp sales for educational toys and games in the quarter.
- On the topic of a bid by G Asset Management, Huseby was downright dismissive. G Asset has "extremely limited" financial means and no equity financing to support its proposal, says the exec.
- Huseby also dissected the job cuts at the Nook business. 190 positions, or 26% of the work force, were slashed through attrition and layoffs.<.li>
- Earnings call transcript
Feb. 26, 2014, 8:32 AM
- Barnes & Noble Inc (BKS): FQ3 EPS of $0.86 beats by $0.28.
- Revenue of $2B (-9.1% Y/Y) misses by $40M.
Feb. 26, 2014, 12:05 AM
Feb. 25, 2014, 5:30 PM
Feb. 21, 2014, 5:04 PM
- There's plenty of skepticism G Asset Management has the resources to make good on its latest Barnes & Noble (BKS) acquisition offer. One major reason: A 2012 Form D filing indicating the firm raised only $1.75M in an offering.
- David Faber: "[G Asset] runs very little money and I mean very little. Not sure if he lives at home with his parents, but you get the idea."
- B&N closed at $17.69, nearly 20% below G Asset's offer price.
Feb. 21, 2014, 1:43 PM
- G Asset Management has offered to buy a 51% stake in Barnes & Noble (BKS +7%) at a $22/share valuation, or (alternatively) a 51% stake in the Nook division at a $5/share valuation. B&N shares have jumped to the $18 range in response.
- The money manager adds its offer is subject to due diligence and "the obtaining of necessary financing," as well as access to B&N's credit facility and balance sheet cash. It thinks "substantial shareholder value" would be created if the Nook segment was separated from B&N's profitable units.
- Two years ago, G Asset offered to buy B&N's college bookstore business for $460M.
Feb. 10, 2014, 3:55 PM
Jan. 9, 2014, 9:42 AM
- New Barnes & Noble (BKS +2.7%) CEO Michael Huseby gives an early peek at his thinking on what the company should do with Nook in an interview with the WSJ.
- The exec says the company is "dedicated" to providing consumers the digital devices, but notes the company will look to leverage costs with an outside partnership. That last part could mean that B&N is open to letting a consumer electronics manufacturer build the devices for the company.
- Husbey says the ultimate goal is to "de-risk" the business plan.
- Previous: BKS holiday sales.
Jan. 9, 2014, 9:15 AM
- Barnes & Noble (BKS) reports its holiday sales fell 6.6% to $1.1B as store closures took a toll.
- Comparable store sales fell 5.5%, a mark which improves to -0.2% if Nook is backed out.
- Amid a sluggish retail season, the revenue kicked up by the company's bookstores was decent.
- Digital content sales dropped 27% Y/Y during the period with the company lacking new device introductions.
- BKS +1.4% premarket
Jan. 8, 2014, 9:06 AM
- Barnes & Noble (BKS) names Michael Huseby to be its new CEO.
- The exec has served at the company in the role of CFO and President.
Dec. 16, 2013, 7:09 AM
- Barnes & Noble (BKS) faces a tough challenge at its bookstores this holiday season due to the late Thanksgiving and an absence of any blockbuster titles.
- Last year, book sellers received a healthy boost from the popularity of the Fifty Shades of Grey and Hunger Games series.
- The good news for Barnes & Noble is that some analysts think the formidable impact of Amazon and digital sales on physical bookstores has hit a saturation point with consumers to put the book industry closer to a state of equilibrium.
Barnes & Noble, Inc. provides easy and convenient access to books, magazines, newspapers and other content across its multi-channel distribution platform. The company operates through three operating segments: B&N Retail, B&N College and NOOK. The B&N Retail segment includes the eCommerce... More
Industry: Specialty Retail, Other
Country: United States
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