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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Last week Barnes & Noble severed its ties with Microsoft, taking another step toward becoming, in the words of CEO Mike Huseby, a “client- and content-focused” company. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-12-05 00:00:00 UTC ]
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Barnes & Noble will be offering 500,000 copies of signed works by major authors to kick off the holiday shopping season. But will it be enough? Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2014-11-26 00:00:00 UTC ]
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B&N is returning to the downloadable audiobook business with the release of a new nook app for Android devices that offers access to 50,000 audiobook titles. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-11-19 00:00:00 UTC ]
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Advocates for Internet sales taxes, which include both the American Booksellers Association and Amazon, sent a letter urging Congress to act. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-11-13 00:00:00 UTC ]
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There was a mix of good news and bad news in Barnes & Noble’s first-quarter financials, which the company released last week for the period ended August 2. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-09-12 00:00:00 UTC ]
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Barnes & Noble has officially kicked off a new era -- one in which it doesn't manufacture its own tablets. The struggling book outlet announced last summer that it would work with other manufacturers going forward and Samsung is first in line. The... Continue reading at Engadget
[ Engadget | 2014-08-20 00:00:00 UTC ]
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Customers in certain areas of New York City and Los Angeles can now get same-day shipping on Barnes & Noble products. Will it help the book retailer? Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2014-08-08 00:00:00 UTC ]
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Barnes & Noble isn't exactly a household name in the UK, but in the States it's a book-selling behemoth, with hundreds of stores complimenting a vast library of ebooks, as well as a line of readers to consume them on. In autumn 2012, B&N expanded... Continue reading at Engadget
[ Engadget | 2014-08-06 00:00:00 UTC ]
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Investors, as well as members of the book publishing industry who see the survival of Barnes & Noble as crucial to maintaining a healthy bookselling environment, were cheered last week when the retailer received board approval for separating its Retail and Nook Media businesses. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-06-27 00:00:00 UTC ]
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Bookseller Barnes & Noble Inc said it would spin off its Nook tablets and college books business, sending its shares up about 8 percent in early trading. Continue reading at Baltimore Sun
[ Baltimore Sun | 2014-06-25 00:00:00 UTC ]
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Does your agent constantly reject your manuscript about a teen wizard who falls in love with a vampire and has to fight for their life in a televised death zone? Barnes & Noble feels your pain, and is opening up the Nook Press self-publishing... Continue reading at Engadget
[ Engadget | 2014-03-18 00:00:00 UTC ]
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Barnes & Noble reports that consolidated revenue for the third quarter of fiscal 2014 decreased 10.3% to $2 billion from the same period in the previous fiscal year. Third quarter EBITDA increased from $59 million a year ago to $173 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-02-26 00:00:00 UTC ]
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An email to Brazilian publishers suggested that Barnes & Noble plans to start selling ebooks in Brazil soon, but B&N has yet to confirm. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2014-02-12 00:00:00 UTC ]
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The company has experienced success with its 'exclusive editions' program, in which B&N will release versions of popular tween and young adult titles with never-before-seen content. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2014-01-30 00:00:00 UTC ]
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Book seller Barnes & Noble has promoted the head of its Nook business to chief executive of company. The struggling retailer said Wednesday Michael Huseby, 59, will take the role immediately. The... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2014-01-08 00:00:00 UTC ]
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Even when Barnes & Noble entered the reading device market with the launch of the Nook back in the fall of 2009, executives said the company’s long-term future continued to rest in selling content in both print and digital formats. Continue reading at Publishers Weekly
[ Publishers Weekly | 2013-11-30 00:00:00 UTC ]
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Barnes & Noble Inc.'s latest quarterly earnings show an erosion in sales for both print books and ebooks, casting a cloud over its long-term prospects. Continue reading at AllThingsD
[ AllThingsD | 2013-11-27 00:00:00 UTC ]
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Barnes & Noble returned to a profit in the fiscal second quarter as it invested less in its Nook ebook reader and cost cuts offset lower sales.Its sales missed expectations, however, and its shares dropped more than 3% in premarket trading. The report comes as the crucial holiday season... Continue reading at Crains New York
[ Crains New York | 2013-11-26 00:00:00 UTC ]
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Mitchell Klipper, CEO of Barnes & Noble Inc.'s retail group, which includes its bookstores but not its Nook unit, sold about 67% of his shares of the company, according to an SEC filing late Monday.Mr. Klipper sold a total of about 400,996 shares for between $13.99 and $14.53 per share.He... Continue reading at Crains New York
[ Crains New York | 2013-08-27 00:00:00 UTC ]
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