Books-A-Million swings to Q1 loss on declining sales
Birmingham, Ala. — Books-A-Million Inc. on Tuesday reported a first-quarter loss as revenue fell 11.1% in the face of growing competition from digital books. The chain posted a first-quarter loss of $3.5 million, compared with net income of $2 million.
Quarterly revenue dropped to $104 million from $117 million, a year earlier. Same-store sales fell 13.2%.
The company said it was hurt by competition from e-books and by the effect of tornadoes that cut across its home territory in the South near the end of the quarter. It said bargain books, electronics and other categories grew, and it would expand offerings in those areas.