Write-Down Widens Barnes & Noble Loss
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Barnes & Noble Inc. said its first-quarter net loss widened as it took a $14.9-million write-down for its investment in Gemstar-TV Guide International Inc., whose shares tumbled 75% last year. The largest U.S. bookstore chain raised its annual profit forecast because of surging video game sales at its 60%-owned GameStop Corp. video game chain.
The loss widened to $16.3 million, or 25 cents a share, from $11.5 million, or 18 cents, a year earlier. Sales rose 12% to $1.13billion.
Excluding the write-down, Barnes & Noble had a loss of 2 cents a share, better than the 5-cent loss analysts expected.
Shares of New York-based Barnes & Noble fell 40 cents to $32.48 on the NYSE.
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