Barnes & Noble (NYSE:BKS) falls sharply after the retailer turns in another disappointing earnings report.
Comparable sales were up 1.1% during FQ3. Adjusted EBITDA fell to $133M from $140M a year ago after higher marketing and promotional spending chipped away. Looking ahead, Barnes & Noble sees 2019 EBITDA of $140M to $155M vs. $165M consensus.
B&N Chairman Len Riggio puts a positive spin on the quarter, saying, "sales benefitted from our new ad campaign, increased marketing and promotions, and an improved omni-channel experience for our customers." Those efforts are expected to lay the foundation for sustained growth.
Shares of Barnes and Noble are down 11.11% premarket to $5.20 (6-month low).
Previously: Barnes & Noble beats by $0.14, misses on revenue (March 7)
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