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VOL. 37 | NO. 25 | Friday, June 21, 2013
Barnes & Noble's loss more than doubles
NEW YORK (AP) — Barnes & Noble says its loss more than doubled in the latest quarter as it continued losing money in its Nook e-book reader unit.
The largest traditional U.S. bookseller has invested heavily in its Nook e-book readers and digital library to offset tough competition from online retailers and discounters, but the unit has yet to turn a profit.
The company now says its tablet line will be co-branded with a yet-to-be-announced third party.
For the February to April quarter, its net loss totaled $118.6 million, or $2.11 per share. That compares with a loss of $56.9 million, or $1.06 per share, last year.
Revenue fell 7 percent to $1.28 billion.
Analysts expected a loss of 97 cents per share on revenue of $1.33 billion.