On Thursday, Barnes & Noble, Inc. (NYSE: BKS) announced its financial results for the first quarter of fiscal 2018, with both earnings and revenue missing estimates. Shares of the company dropped 10.8% premarket trading on Thursday after the announcement.
According to the company, net loss for the first quarter was $10.8 million, or $0.15 per share, compared with the loss of $14.4 million, or $0.20 per share, for the same period last year. Analysts has estimated a loss of $0.12 per share.
Revenues for the first quarter decreased from $913.9 million in the same period last year to $853.3 million, missing expectations of $873.0 million. Same-store sales of the company also dropped 4.9% for the first quarter.
“Our first quarter earnings results improved over the prior year, as we were able to mitigate the sales decline through expense reductions,” Demos Parneros, the Chief Executive Officer of Barnes & Noble, Inc., said in the statement on Thusday. “We expect to improve our performance in the back-half of the year, which coupled with our focus on expense reduction, will enable us to achieve EBITDA of $180 million.”
Barnes & Noble provided guidance for fiscal 2018 in the statement. The company continues to expect comparable bookstore sales to drop in low single digits.