Barnes & Noble
A first-quarter loss on legal expenses related to its proxy fight with billionaire financier Ron Burkle cut the retailer’s annual earnings outlook.
Barnes & Noble said it lost $62.5 million, or $1.12 per share, in the quarter that ended July 31. Last year during the same period, it earned $12.3 million, or 21 cents per share.
Revenue rose 21 percent to $1.4 billion, although the cost of sales rose as the company invested more in its online bookstore and Nook e-reader. Analysts expected a loss of 80 cents a share, according to Thomson Reuters.
Medtronic
First-quarter earnings were in line with Wall Street expectations, but weaker global demand for medical implants forced the company to slash 2011 earnings expectations.
Revenue for the period fell 4 percent to $3.77 billion, partly because of an unfavorable foreign-currency impact and a $200 million benefit from an extra week in the same quarter last year. Excluding one-time costs, the company earned $868 million, or 80 cents per share.
Burger King
Fourth-quarter net income fell nearly 17 percent as sales slipped and costs for ingredients and packaging climbed.
Burger King said Tuesday it earned $49 million, or 36 cents per share, during the period that ended in late June. That compares to last year’s net income of $58.9 million, or 43 cents per share.
Revenue slipped 1 percent to $623 million. The earnings beat Wall Street forecasts.
