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 ]
News tagged with: #puts pressure #ernst young #leonard riggio

Other Publishing stories related to: 'Sloppy books at Barnes & Noble?'

Digital Books: ‘Enhanced’ — But for Whom?

Today's Wall Street Journal takes a look at a new lineup of "enhanced" digital books that incorporate music, video and high-tech graphics. But as one Wharton expert notes, the market for these elaborate productions remains to be seen. Continue reading at Knowledge@Wharton

[ Knowledge@Wharton | 2012-01-21 00:00:00 UTC ]
More news stories like this | News stories tagged with: #digital books

Ammo Books: Publishing in Small, Medium, and Large

For an indie publisher to launch its first line with a $300 art book takes guts and vision, but that’s what Ammo Books’ founders Paul Norton and Steve Crist did in 2006 when they published 3,000 copies of Gonzo by Hunter S. Thompson and sold out in less than a year. Continue reading at Publishers Weekly

[ Publishers Weekly | 2012-01-20 00:00:00 UTC ]
More news stories like this | News stories tagged with: #indie publisher #steve crist

Jones to leave The Book Depository

The Book Depository’s IT director Will Jones is departing the company after four years.... Continue reading at The Bookseller

[ The Bookseller | 2012-01-19 00:00:00 UTC ]
More news stories like this | News stories tagged with: #book depository

Appleton to head fiction at Hodder Childrens Books

Jon Appleton has been appointed to the newly-created post of editorial director for fiction at... Continue reading at The Bookseller

[ The Bookseller | 2012-01-19 00:00:00 UTC ]
More news stories like this | News stories tagged with: #head fiction #newly-created post

Viking: early book sales ‘promising’

Stationery retailer Viking has reported a “promising” start to its bookselling... Continue reading at The Bookseller

[ The Bookseller | 2012-01-17 00:00:00 UTC ]
More news stories like this | News stories tagged with: #promising start

Germany joins World Book Night

World Book Night is continuing its international spread, with Germany now set to join the UK... Continue reading at The Bookseller

[ The Bookseller | 2012-01-17 00:00:00 UTC ]
More news stories like this |

War Horse UK's bestselling book

Michael Morpurgo's War Horse (Egmont) was comfortably the bestselling book in the UK last... Continue reading at The Bookseller

[ The Bookseller | 2012-01-17 00:00:00 UTC ]
More news stories like this | News stories tagged with: #bestselling book #michael morpurgo

Waterstones launches 'book club' promotion

Waterstones has launched a "book club" promotion, with the strapline: "Books you... Continue reading at The Bookseller

[ The Bookseller | 2012-01-16 00:00:00 UTC ]
More news stories like this | News stories tagged with: #waterstones launches #book club

German book retailer to restructure to face digital challenge

The earnings of German book retailer Thalia's parent group Douglas Holding will be hit by the... Continue reading at The Bookseller

[ The Bookseller | 2012-01-13 00:00:00 UTC ]
More news stories like this |

Saqi Books launches non-fiction imprint

Independent publisher Saqi Books is to launch a new non-fiction imprint, with plans to publish... Continue reading at The Bookseller

[ The Bookseller | 2012-01-12 00:00:00 UTC ]
More news stories like this | News stories tagged with: #non-fiction imprint

US book sales hold up, despite Borders collapse and ebook growth

Print books sales in the US fell 9% in 2011, with strong growth in digital sales appearing to... Continue reading at The Bookseller

[ The Bookseller | 2012-01-11 00:00:00 UTC ]
More news stories like this | News stories tagged with: #borders collapse #ebook growth #strong growth

Chinese Writers Sue Apple for Allegedly Hosting Pirated E-books

A group of Chinese writers has filed a lawsuit against Apple, alleging that the company's App Store sells pirated versions of the authors' works. Continue reading at PC World

[ PC World | 2012-01-10 00:00:00 UTC ]
More news stories like this |

Media Decoder: Author Found on Penguin's Web Site Signs Book Deal

An imprint of Penguin Group USA discovered Kerry Schafer after she posted samples on Bookcountry.com, a site that lets writers share their work. Continue reading at The New York Times

[ The New York Times | 2012-01-09 00:00:00 UTC ]
More news stories like this | News stories tagged with: #media decoder

Elton John's first book to Hodder

Hodder & Stoughton has acquired music star Sir Elton John's first book, Love is The Cure... Continue reading at The Bookseller

[ The Bookseller | 2012-01-09 00:00:00 UTC ]
More news stories like this | News stories tagged with: #hodder stoughton #elton john

Buzz Books at Winter Institute

Ever since Algonquin used the American Booksellers Association’s Winter Institute to get booksellers to read and fall in love with Sara Gruen’s Water for Elephants, which sold more than a million copies before being turned into a film, publishers have been using the winter bookselling confab to... Continue reading at Publishers Weekly

[ Publishers Weekly | 2012-01-06 00:00:00 UTC ]
More news stories like this | News stories tagged with: #winter institute #sara gruen #million copies #bookseller attendance #chris cleave

R&J Spring Book Club titles announced

Harper has scored two of the eight spots in Richard & Judy's Spring Book Club, with the... Continue reading at The Bookseller

[ The Bookseller | 2012-01-05 00:00:00 UTC ]
More news stories like this | News stories tagged with: #richard judy

SMP Looks to Capitalize On Ghonim's Revised Book Tour

At least one publisher is looking to capitalize on some last-minute changes to Wael Ghonim's upcoming book tour to promote Revolution 2.0. Continue reading at Publishers Weekly

[ Publishers Weekly | 2012-01-05 00:00:00 UTC ]
More news stories like this | News stories tagged with: #wael ghonim