Sloppy books at Barnes & Noble?

Barnes & Noble Inc., the struggling bookseller, reported "material weakness" in its accounting and restated three years of financial results. Investors seemed alarmed by more bad news from the unprofitable retailer whose chief executive stepped aside earlier this month and they bid down its stock by 4%.Barnes & Noble said Monday that errors in reporting sales and occupancy costs, plus an inaccurate tally of income-tax refunds received when it was unprofitable in 2011 and 2012, caused the company to over-report losses over those two years by $9 million. Actual losses over those two years were $134 million, not the $143 million, the company.In 2010, the company's last profitable year, Barnes & Noble said it really earned $43 million instead of the $37 million initially reported. The company said it previously had overstated sales and occupancy costs and understated the amount it owed in taxes. It in fact paid $12 million in income taxes that year, 50% more than the previously reported amount.The bookseller said the errors resulted from "inadequate controls over the accrual reconciliation process at its distribution centers" and it is working to fix the problem.A spokeswoman for the bookseller didn't immediately return a call seeking comment.The accounting problems seem to stem from the company's decision to buy more books directly from publishers instead of wholesalers. In its annual report, Barnes & Noble said it has invested significantly in new warehouses... Continue reading at 'Crains New York'

[ Crains New York | 2013-07-30 00:00:00 UTC ]

Other news stories related to: "Sloppy books at Barnes & Noble?"

Leonard Riggio, 83, Dies; Founded Barnes & Noble and Upended Publishing

He pioneered the bookstore-as-superstore, a retail behemoth that dominated the industry before Amazon overtook it with its online reach. Continue reading at The New York Times

[ The New York Times | 2024-08-30 23:05:12 UTC ]
More news stories like this

Leonard Riggio, Who Built Barnes & Noble Into a Bookselling Titan, dies at 87: 10 Things to Know About Him and His Empire.

From upstart to Goliath to villain and back, Leonard Riggio's influence was unparalleled in the world of books. Continue reading at Book Riot

[ Book Riot | 2024-08-27 20:30:32 UTC ]
More news stories like this

Leonard Riggio, who forged a bookselling empire at Barnes & Noble, dead at 83

Leonard Riggio, a brash, self-styled underdog who transformed the publishing industry by building Barnes & Noble into the country’s most powerful bookseller but later saw his company overtaken by the rise of Amazon Continue reading at ABC News