Net income was $64.7 million compared to a net loss of $73.6 million in the previous year's fourth quarter, while operating income was $84.7 million compared to $87.7 million for the previous fourth quarter. Full year sales rose 4.2% to $3.8 billion while the net loss was $157.4 million compared to a net loss of $151.3 million for the previous year. For the year, same-store sales were up 1.5%.
Jones said that the company was on track to reach its 2009 financial targets, but said "we will be slowed in our progress and expect that we'll reach them later than originally anticipated. Still, we believe that our strategic plan remains the right path toward achieving these goals. The problem is they lack the cash to fund Jones' ideas, like their concept stores, and their new web site. Now the rush to reduce inventory and increase face out makes even more sense, as the company uses returns to publishers to help their operating liquidity while potentially increasing sales.Release
B&N expects first quarter comparable bookstore sales to be slightly negative, and as previously announced, full-year comparable store sales are expected to be slightly positive. Barnes & Noble's first quarter earnings are expected to range from $0.05 to $0.10 per share, and full-year earnings are still expect to be approximately flat with 2007 on an operating basis.