Barnes & Noble reports smaller loss, says to separate Nook Media

Pedestrians pass in front of a Barnes and Noble Inc. store in New York, Nov. 24, 2013.
Craig Warga | Bloomberg | Getty Images

Bookseller Barnes & Noble reported a smaller quarterly loss and said it would separate its retail and Nook Media businesses, sending its shares up about 9 percent.

The company's net loss narrowed to $36.7 million, or 72 cents per share, in the fourth quarter ended May 3, from $114.8 million, or $2.04 per share, a year earlier.

Revenue rose 3 percent to $1.32 billion.

Nook Media, formed in 2012, consists of the company's devices, digital content and college bookstore businesses.

Microsoft owns about 17 percent of Nook Media, while Pearsonowns 5 percent.

By Reuters