Barnes & Noble 3Q net loss narrows

[December 01, 2011]  NEW YORK (AP) -- Barnes & Noble says its third-quarter loss narrowed as lower costs offset a decline in sales of traditional physical books.

The bookseller is investing heavily in its Nook e-readers and e-book library.

It says its net loss for the quarter ended Oct. 29 was $6.6 million, or 17 cents per share. That compares with a loss of $12.6 million, or 22 cents per share, a year ago.

Analysts expected earnings of 3 cents per share.

Revenue edged down less than 1 percent to $1.89 billion. Analysts expected $1.98 billion.

Barnes & Noble is investing in electronic books and readers as traditional booksellers are facing tough competition from online retailers and discount stores, which forced rival Borders to liquidate earlier this year.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.