Barnes & Noble (BKS) released their fiscal Q4 2016 results on Wednesday after the market closed. The results posted by the company show losses widening, but stock prices bounced 3.26% in pre-market trading.
The company posted $876.6 million in net revenue, down 3.7% year-over-year. Net income came in at a loss of $30.6 million, while EPS was also in negative territory to the tune of $0.42.
Retail sales fell 2.2% year-over-year while comparable store sales fell 0.8%. The earnings loss was expected following the company’s announcement of a $20.9 million pension settlement. Nook sales plunged to $51.7 million, down 33%.
The company’s CEO Ron Boire states that the company is looking forward, with plans to reduce retail and Nook expenses. Barnes & Noble is looking to boost membership fees, too, as a way to bring in more revenue. Online sales will be a major focus for the ground store as a way to lure customers away from the competition.
Full fiscal year 2017 data aims for comparable store-sales to remain flat or fall 1%, which is an improvement for the company. EBITDA losses from the company’s Nook product will also shrink to $30 – $40 million.
Continued progress in 2017 to return the company to profitability by trimming losses still gives investors hope that Barnes & Noble can turn its operations around. The company’s stock is up 7.95% in early morning trading.