Barnes & Noble Inc. forecasting losses in the current quarter

Barnes & Noble Inc. forecasting losses in the current quarter

Online retailer Barnes & Noble Inc. has said that they expect to post a loss for the current period. The company posted a slightly higher quarterly net income on Thursday.

The company has already lowered its earnings outlook for its fiscal year. They suffered from higher discounts offered on their products.

The online book retailing market is very competitive and they had to offer huge discounts on the upcoming Harry Potter book. The net income for the company is however up at $127 million, or $1.84 per share.

For the first quarter, the company expects to post a loss of 8 to 12 cents per share. This would include the losses from closing its Memphis distribution center and an ongoing investigation of its stock option practices.