B&N Divests GameStop

NEW YORK CITY-Barnes & Noble reported its Q3 financial results three days early, after the company’s announcement that GameStop–the video game chain with nearly 1,700 stores in which it used to own a 59% interest–has spun off into its own company. Barnes & Noble reported no gain or loss as a result of the spin off.

For the quarter, Barnes & Noble reported a same-store sales gain of 0.9% and a year-over-year revenue increase of 4%, to $894.9 million. It opened nine Barnes & Nobles over the quarter and closed three, leaving the company with 663 units in the chain. Barnes & Noble’s mall-based B. Dalton, which represents 3% of its sales, reported a same-store sales drop of 3.3%, and the retailer closed seven stores, leaving it with 176. “A slowdown in bestsellers certainly hurt the top line,” noted Joseph J. Lombardi, the company’s CFO during a conference call with analysts and investors.

During the quarter, political books were the company’s best sellers. Barnes & Noble plans to open 30 to 40 of its book and music superstores per year and continue closing B. Dalton units, company officials said.