Barnes & Noble (BKS: sentiment, chart, options) reported a third-quarter profit of $4.4 million, or 7 cents per share, reversing the bookseller's year-ago loss of 4 cents per share. The third-quarter results include a 9-cent benefit from an inventory related accrual adjustment. Sales for the period surged to $1.18 billion as same-store sales increased 2.6% year-over-year. Ahead of the report, analysts were expecting BKS to post a loss of 8 cents per share on $1.15 billion in revenue.
BKS also raised its profit forecast for the full year, projecting earnings of $1.67 to $1.86 per share for the fourth quarter and $1.91 to $2.09 for the full year. Previously, BKS predicted full-year earnings of $1.69 to $1.87. Analysts are targeting a profit of $1.71 for the fourth quarter and $1.87 for the year, with same-store sales rising in the low single digits for the quarter and the year.
Investors have cheered the news and sent BKS more than 11% higher at last check. Today's pop higher for BKS may be attributable to a short-squeeze rally; as of the latest reporting period, more than 5% of the stock's float had been sold short, an accumulation that would take more than 3 trading days to fully repurchase.
However, today's rally has met with stiff resistance from the equity's 50-day moving average, which is currently situated near 36.50. BKS has not closed a session above this trendline since November 2.
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