Leading US bookseller Barnes & Noble has blamed operating losses at its Web unit for its deeper than expected third quarter loss.
The company, which separated its online store this year, posted a loss of $4.59 million, or seven cents a share for the period ending 31 October. Wall Street analysts had expected a loss of three cents a share.
The online unit, barnesandnoble.com, reported an operating loss of $20.5 million, resulting in a net loss of $12.1 million, or 18 cents per share. Sales at the online unit sales rose to $17.2 million, an increase of 38 per cent from the previous quarter.
During the period the company said it had more than 930,000 customers in 177 countries, a 29 per cent increase over the number of customers it had as the end of the second quarter. Sales from repeat customers accounted for 51 per cent of third quarter sales.
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