Barnes & Noble, Inc. (NYSE: BKS) today announced its financial results for the third quarter of fiscal 2018. Shares of the company dropped 6.7% in premarket trading on Thursday after it reported a quarterly loss.
For the third quarter, the company reported sales of $1.23 billion, decreasing from $1.3 billion for the same period last year. Same-store sales were also down 5.8%.
Additionally, the company posted a loss of $63.5 million, or $0.87 per share, for the third quarter, compared with net income of $70.3 million, or $0.96 per share, for the same period last year.
“While we were disappointed with our holiday sales, comparable store sales trends did improve in January,” Demos Parneros, the Chief Executive Officer of Barnes & Noble, Inc., said in the statement on Thursday.
“We have initiated a strategic turnaround plan that is centered on growing the business and enhancing shareholder value. In the short term we are focused on stabilizing sales, improving productivity and reducing expenses. Achievement of our longer-term goals requires a significant multi-year transformation. We expect our plan to provide consistent improvement beginning in fiscal 2019 and beyond,” Demos continued.
The company provided guidance for 2018 in the statement today. For fiscal 2018, Barnes & Noble expected consolidated EBITDA to be between $140 million and $160 million, and comparable store sales to decline in the mid-single digits, according to the company.