Barnes & Noble reported a 20 percent increase in sales for the fiscal year, but also counted a $59 million consolidated net loss for the fourth quarter. UPDATE: B&N stock closed at $18.94 today, down nearly six percent after the news.
The company blamed the quarter loses on the closing of 200 Borders bookstores–an event that “temporarily negatively impacted” comparable store sales. The release also noted “incremental” sales increases in those markets now that the stores have closed.
The bookseller also addressed a recent buyout bid: “The company has previously announced that it received a proposal from Liberty Media to acquire the company and that Liberty’s proposal is under review by the Special Committee of the company’s Board of Directors which is charged with reviewing strategic alternatives for the company. In light of the pendency of that proposal and its ongoing process, the Special Committee has determined that the company will not at this time issue sales or earnings guidance regarding the outlook for fiscal 2012.”