BAM Second Quarter: Sales Jump with More Stores
Net sales at Books-A-Million in the second quarter ended July 28 rose 14.9%, to $120.4 million, and the net loss improved to $900,000, compared to a net loss of $2.9 million in the same period a year earlier. At stores open at least a year, sales rose 0.5%.
CEO and president Terrance G. Finley commented: "Results for the quarter reflect the contribution from our new stores that opened in the fourth quarter [many of which were in old Borders locations], the phenomenal success of the Fifty Shades of Grey series, and continued solid performance in kids, teen, and general merchandise. Our team remains focused on diversifying our store assortments and adjusting our store layouts to support our core business and new categories as we prepare for the upcoming holiday season."
BAM also has authorized a stock repurchase program, allowing the company to buy up $5 million in stock through March 31, 2014. Currently BAM has 16 million shares outstanding. At the current price of $2.50 a share, the program would be able to buy two million shares.
Net sales at Books-A-Million in the second quarter ended July 28 rose 14.9%, to $120.4 million, and the net loss improved to $900,000 compared to a net loss of $2.9 million in the same period a year earlier. At stores open at least a year, sales rose 0.5%.
CEO and president Terrance G. Finley commented: "Results for the quarter reflect the contribution from our new stores that opened in the fourth quarter, the phenomenal success of the Fifty Shades of Grey series, and continued solid performance in kids, teen, and general merchandise. Our team remains focused on diversifying our store assortments and adjusting our store layouts to support our core business and new categories as we prepare for the upcoming holiday season."
BAM also has authorized a stock repurchase program, allowing the company to buy up $5 million in stock through March 31, 2014. Currently BAM has 16 million shares outstanding. At the current price of $2.50 a share, the program would be able to buy two million shares.