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Barnesandnoble.com Cuts Jobs

February 08, 2001|Reuters

Barnesandnoble.com Inc. posted a wider-than-expected fourth-quarter loss and laid off about 350 people, or 16% of its staff, as the Internet bookstore struggled against a flagging retail environment. The New York-based company, which had warned earlier of lower-than-expected results, said its net loss for the quarter was $138.1 million, or 36 cents a share, compared with a loss of $38.3 million, or 27 cents, a year ago. Sales rose 37% to $104.6 million. Many analysts lowered expectations after the warning, bringing the consensus estimate down to a loss of 31 cents, according to research firm First Call/Thomson Financial. Barnesandnoble.com shares closed at $2.13, up 9 cents, on Nasdaq, before the news was announced.

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