RTTNews | Jun 30, 2021 11:44AM EDT

11:43 Wednesday, June 30, 2021 (RTTNews.com) - New Jersey-based bookstore chain Barnes and Noble stock slumped 18% in the Wednesday market after the company recorded a wider loss in the fourth quarter results, primarily affected by the ongoing pandemic.

The net loss of the company increased to $44.3 million or $0.86 loss per share compared to $40 million or $0.84 in the same quarter last year. The adjusted loss was $32.8 million, increased from $28.1 million year-over-year.

The revenue of the company also dropped 13.3% to $222.8 million from $256.9 million in 2020. The chairman and CEO of the company, Michael P Huseby said, "We believe the pandemic has further accelerated higher education's transformation. As we look ahead to fiscal 2022 and beyond, we are focused on scaling our strategic initiatives. We expect these initiatives to make our offerings for our campus partners even more relevant and to generate new business growth as more schools look to implement our valuable solutions. We look forward to reviewing these initiatives in further detail at our Investor Day on June 30."

Currently, the shares are trading hands at $7.10 down $1.57 or 18.11% from $8.67 at the closing of Tuesday. The market opened at $8.50 and in the 52-week period, the shares have moved between $1.56 to $10.19.

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