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December 28, 2012
10:05 EDTPSO, BKSBarnes & Noble climbs after Pearson deal despite holiday sales miss
Barnes & Noble (BKS) is advancing after the company announced that its holiday sales would be lower than expected, but also said that British publishing company Pearson (PSO) would invest $89.5M in the American retailer's NOOK unit. Based on preliminary sales results during the holiday season and sales trends, Barnes & Noble expects its holiday sales results will be below expectations, while sales of the company's NOOK e-readers for its current year will not meet its previous forecast. On November 29, Barnes & Noble predicted that its losses from its NOOK unit, excluding certain items, would decrease during its current fiscal year. The retailer also previously reported that its NOOK unit sales had doubled over the four day Black Friday weekend. Meanwhile, Pearson agreed to invest $89.5M of cash in Barnes and Noble's NOOK unit, using a post-investment valuation of about $1.789B. Pearson will receive a 5% stake in the unit, Barnes & Noble added. In early trading, Barnes & Noble climbed 91c, or 6.34%, to $15.26.
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