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 ]
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After a slow start to the fiscal year, Riggio, who returned as Barnes & Noble's CEO after last month's ouster of Ron Boire, has plans to improve the bookseller's bottom line. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-09-09 00:00:00 UTC ]
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Shares in the US books chain Barnes & Noble tumble after the firm sacks its chief executive for not being a "good fit" with the company. Continue reading at BBC News
[ BBC News | 2016-08-17 00:00:00 UTC ]
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Amid struggles to find profitability, Barnes & Noble, the country's largest physical book retailer, has fired its CEO, Ron Boire. The former head of Sears Canada was brought on by B&N in July 2015. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-08-16 00:00:00 UTC ]
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Revenue at the college store operator rose 1.7% in fiscal 2016, but restructuring charges tied to outsourcing its digital education platform led to a decline in earnings. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-28 00:00:00 UTC ]
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New stores with cafés that serve beer and wine are part of the chain’s plans to boost its bottom line. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-24 00:00:00 UTC ]
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Bookselling chain Barnes and Noble held its first annual Teen Book Festival at locations across the country from June 10–12. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-14 00:00:00 UTC ]
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The retiring B&N chairman reflects on his years in the bookselling business, and the big changes that have reshaped the chain in the past decade. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-04-29 00:00:00 UTC ]
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Len Riggio, who built Barnes & Noble from a single store into the country's largest bricks-and-mortar bookseller, will retire after the company's September annual meeting. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-04-27 00:00:00 UTC ]
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Barnes & Noble ceded another battle in the ongoing war with Amazon over digital hearts and minds.The company will end the dedicated Nook app and video store on March 15, which was where you could purchase content for Nook-branded hardware, according to a report in diginomica.Nook digital... Continue reading at PC World
[ PC World | 2016-03-14 00:00:00 UTC ]
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The Publishers Weekly Stock Index fell 3.6% overall, with declining share prices for Amazon and News Corp. offsetting gains elsewhere. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-03-04 00:00:00 UTC ]
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Barnes and Noble has decided to lay down its arms and stop competing with Amazon for ebook and e-reader sales in the UK. The bookstore operator has announced it will stop selling digital content, including fiction and non-fiction, magazines and video... Continue reading at Engadget
[ Engadget | 2016-03-04 00:00:00 UTC ]
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Barnes and Noble has revealed plans to launch a new "prototype" store later this year, a US conference has heard. Continue reading at The Bookseller
[ The Bookseller | 2016-02-26 00:00:00 UTC ]
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Reading a book on a traditional tablet, such as the iPad, is a passable experience. However, a dedicated reader with an e-ink display is much superior for reading. Not only is it more comfortable for your eyes, but it works better in the sun too. Not to mention the super-long battery life. While... Continue reading at Betanews
[ Betanews | 2015-10-21 00:00:00 UTC ]
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Total revenue at Barnes & Noble fell 1.5% in the first quarter ended August 1, 2015, to $1.2 billion, compared to last year’s first period and the net loss increased to $34.9 million from $28.4 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-09-09 00:00:00 UTC ]
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Paper books are archaic -- e-readers and tablets are the proper way to read nowadays. They are more convenient for traveling, helpful for nighttime reading, and most importantly, don't take up room. Both public and in-home libraries are a waste of space. Today, Barnes and Noble announces its... Continue reading at Betanews
[ Betanews | 2015-09-03 00:00:00 UTC ]
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Ronald Boire, a man with plenty of electronics experience, is taking over as CEO of Barnes & Noble, as the bookseller spins off its education division. The post Barnes & Noble Looks to New Leader to Save NOOK appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2015-07-07 00:00:00 UTC ]
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Ron Boire has been named the next CEO of Barnes & Noble, Inc., beginning September 8. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-07-02 00:00:00 UTC ]
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India's Ritesh Batra is to direct the film adaptation of The Sense of an Ending, Julian Barnes' Booker-winning novel, with British actor Jim Broadbent in the lead. Continue reading at BBC News
[ BBC News | 2015-05-13 00:00:00 UTC ]
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Barnes & Noble Education is counting on growth in a number of digital initiatives, as well as taking over the operation of more college stores, to improve operating results. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-03-06 00:00:00 UTC ]
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Barnes & Noble Inc. said Thursday that a key sales measure rose 1.7% during the holiday season as sales of physical books continued to stabilize. The news sent shares rising 4.6% in premarket... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2015-01-08 00:00:00 UTC ]
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