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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Journalist Caitlin Moran's take on modern feminism How to Be A Woman, published by Ebury, has... Continue reading at The Bookseller
[ The Bookseller | 2011-12-23 00:00:00 UTC ]
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Google Books and the French online publication ActuaLitté have launched a digital library... Continue reading at The Bookseller
[ The Bookseller | 2011-12-23 00:00:00 UTC ]
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Actor Simon Callow has donated 1,000 of his own books to the Westminster Reference Library. Most... Continue reading at The Bookseller
[ The Bookseller | 2011-12-23 00:00:00 UTC ]
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Malvern independent Beacon Books is to close in February 2012. Owners Stuart and Anne-Marie... Continue reading at The Bookseller
[ The Bookseller | 2011-12-22 00:00:00 UTC ]
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The French parliament yesterday voted to raise the reduced VAT rate on physical books from 5.5%... Continue reading at The Bookseller
[ The Bookseller | 2011-12-22 00:00:00 UTC ]
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#physical books
Apple is to launch a 12 Days of Christmas giveaway, to begin on Boxing Day, which will include e-... Continue reading at The Bookseller
[ The Bookseller | 2011-12-21 00:00:00 UTC ]
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#boxing day
Books are among the items most commonly bought online, according to a report from market research... Continue reading at The Bookseller
[ The Bookseller | 2011-12-21 00:00:00 UTC ]
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#market research
Businesses have little recourse - or human contact - when resolving disputes with Google or Facebook, write Julian Lee and Ben Grubb. Continue reading at The Sydney Morning Herald
[ The Sydney Morning Herald | 2011-12-19 00:00:00 UTC ]
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"Goodnight iPad" is a bedtime tour of our electronic lives, mimicking the tone of the classic "Goodnight Moon." Continue reading at The New York Times
[ The New York Times | 2011-12-19 00:00:00 UTC ]
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Cheap new e-readers are expected to be one of the hottest gifts this holiday season. But new owners of Kindles and Nooks may be in for sticker shock on Christmas morning: The price gap between the print and e-versions of some top sellers has now narrowed to within a few dollars -- and in some... Continue reading at AllThingsD
[ AllThingsD | 2011-12-16 00:00:00 UTC ]
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World Book Night in the US has appointed Pulitzer Prize-wining journalist Anna Quindlen as its... Continue reading at The Bookseller
[ The Bookseller | 2011-12-15 00:00:00 UTC ]
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French booksellers have called it a "catastrophe" that VAT rates will go up to 7% in... Continue reading at The Bookseller
[ The Bookseller | 2011-12-14 00:00:00 UTC ]
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Printed book sales soared by £8.6m week on week last week, but spending remains down on... Continue reading at The Bookseller
[ The Bookseller | 2011-12-13 00:00:00 UTC ]
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Amazon.com has acquired 450 titles from publisher Marshall Cavendish, marking the retailer's... Continue reading at The Bookseller
[ The Bookseller | 2011-12-07 00:00:00 UTC ]
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Half of the one million books to be given away on the next World Book Night on April 23rd 2012... Continue reading at The Bookseller
[ The Bookseller | 2011-12-07 00:00:00 UTC ]
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Apple's entry into the ebook business hasn't been a huge success, but it has still registered with European antitrust regulators. Continue reading at AllThingsD
[ AllThingsD | 2011-12-06 00:00:00 UTC ]
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Printed book sales soared by £8.8m week-on-week last week, with the latest edition of... Continue reading at The Bookseller
[ The Bookseller | 2011-12-06 00:00:00 UTC ]
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According to a survey, 24 percent of people who said they had bought books from an online retailer in the last month also said they had seen the book in a brick-and-mortar bookstore first. Continue reading at The New York Times
[ The New York Times | 2011-12-05 00:00:00 UTC ]
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The only non-fiction title shortlisted for the 2011 Guardian First Book Award has taken home the... Continue reading at The Bookseller
[ The Bookseller | 2011-12-02 00:00:00 UTC ]
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Titles on rugby, cycling, horse racing and Gaelic games have been shortlisted for this year... Continue reading at The Bookseller
[ The Bookseller | 2011-11-28 00:00:00 UTC ]
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