Barnes & Noble Education Reports Loss In Q3

(RTTNews) - Barnes & Noble Education, Inc. (BNED) Tuesday announced third quarter net loss of $3.6 million, compared to profit of $8.7 million in the prior year. The results included a non-cash impairment loss of $8.5 million. Net profit excluding impairment loss was $4.9 million.

Total sales for the quarter was $518.4 million, slightly down from $521.6 million a year ago. The company noted that the decline was due to reduction in community college enrollments. Comparable store sales declined 4.1 percent and excluding community colleges decreased 2.2 percent.

Looking ahead to fiscal 2016, the company expects comparable store sales to be approximately 2 percent lower than the prior year.