Barnes & Noble sees Nook unit loss increasing in 2013
February 14, 2013 12:42 PM EST
Barnes & Noble Inc said on Wednesday it expects its Nook business to post an increased full-year loss in fiscal 2013, as the top U.S. bookstore chain struggles with slower sales of e-readers and e-books and rising costs.
Barnes & Noble said it expects an earnings before interest, taxes, depreciation and amortization (EBITDA) loss at the Nook business to exceed the $262 million loss recorded in fiscal 2012.
Nook revenue this year is expected to be less than $3 billion, the company said in a statement.
Barnes & Noble shares fell 4 percent to $13.60 in trading after the bell. They closed at $14.20 on the New York stock exchange.
Nook has been a revenue-driver for the New York-based company since its launch in 2009 as readers buy more digital books, but product development and marketing costs have spiked to keep pace with Amazon and Apple Inc.
The company also reported weak holiday sales for the Nook in January as it sold fewer e-readers and tablets at its own stores.
Barnes & Noble will report third-quarter results before markets open on February 28.
The company could not immediately be reached for comment outside regular business hours.
(Reporting by Tej Sapru in Bangalore; Editing by Richard Pullin)
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