Barnes & Noble’s loss nearly doubles
NEW YORK — Barnes & Noble says it plans to keep making its Nook electronic readers and will focus on offering content to its customers, even as its first-quarter net loss nearly doubled.
The quarterly results came as the struggling bookseller’s chairman said he is abandoning his bid for the company’s retail stores. Shares tumbled more than 12 percent.
Barnes & Noble is reviewing its strategy in the wake of CEO William Lynch’s departure in June and continuing declines in Nook revenue, a unit the company has invested heavily in.
The company’s net loss for the three months ended July 27 totaled $87 million, or $1.56 per share. That compares with a loss of $39.8 million, or 76 cents per share, last year.
Home Depot sees jump in net income
ATLANTA — Home Depot’s second-quarter net income jumped 17 percent, helped by an improving housing market and good response to holiday events.
The nation’s biggest home improvement retailer’s results beat Wall Street expectations and the company raised its full-year earnings and revenue expectations.
For the three months ended Aug. 4, Home Depot Inc. earned $1.8 billion, or $1.24 per share. That compares with $1.53 billion, or $1.01 per share, a year ago.
Best Buy earnings top expectations
MINNEAPOLIS — Best Buy’s net income rose sharply in the second quarter, as the struggling electronics retailer slashed costs and worked to make its Web site more competitive.
The nation’s biggest specialty electronics company beat Wall Street expectations and its shares surged more than 13 percent to $34.82, marking a two-year high, before closing at $34.80. The stock has risen from a low of $11.20 around the end of 2012.
Best Buy Co. has been shuttering underperforming stores and revamping others to offset tough competition from discounters and online retailers. Under CEO Hubert Joly, the company has instituted a price-matching policy, opened more in-store areas for manufacturers such as Apple and Samsung and invested more to train employees.
The company in the U.S. earned $266 million, or 77 cents per share, for the period ended Aug. 3. A year earlier it earned $12 million, or 4 cents per share.
Kodak plan to exit bankruptcy OK’d
NEW YORK — A federal judge has approved Kodak’s plan to emerge from bankruptcy protection.
Judge Allan Gropper’s ruling paves the way for the photography pioneer to emerge from court oversight as a new company focused on commercial and packaging printing.
The company has said it hopes to emerge from bankruptcy protection on Sept. 3.
Founded in 1880, Eastman Kodak Co. filed for Chapter 11 early last year after struggling with increasing competition, the shift from film to digital photography, and growing debt levels.
The Rochester, N.Y., company has since sold off many of its businesses and patents so it can concentrate on commercial and packaging printing.
TiVo is unveiling new line of DVRs
NEW YORK — TiVo is unveiling a new line of digital video recorders to give television viewers more control over what they watch on traditional channels and over the Internet.
The fifth-generation DVRs – from the company that pioneered the devices – come as consumers have a growing number of choices for finding and watching video.
Those options include streaming devices such as Roku and DVRs from cable companies.
The mid-range model can store as much as 150 hours of high-definition television and record up to six channels at once. It also lets users stream live and recorded shows to iPhones and iPads. The DVR is TiVo’s first major update in three years.
– Associated Press