For the quarter ending Dec. 31, Barnesandnoble.com had a net loss of $138.1 million, or 91 cents a share, compared with a loss of $38.4 million, or 27 cents a share during the same period last year.

Excluding investment losses and costs to upgrade distribution, technology customer service, the company on Wednesday reported a loss of $54.2 million, or 36 cents per share.

Analysts surveyed by First Call/Thomson Financial had expected the company to report a 31 cent loss for the quarter.

Revenues grew 37 percent in the fourth quarter to $104.6 million, compared with $76.2 million a year earlier.

"While we sincerely regret the impact of this consolidation in human terms, we believe the changes are necessary to improve every part of our operation," said vice chairman Steve Riggio. "During 2000 we made a number of one-time investments in distribution, technology and customer service to improve efficiencies and provide ample capacity for growth. With these investments behind us and a leaner organization, we expect to significantly curtail our spending while maintaining our high level of customer service."

For the year ended Dec. 31, the company had a net loss of $275.7 million, or $1.87 per share, compared with $102.4 million, or 77 cents a share, in 1999. Revenues rose 65 percent to $320.1 million from $193.7 million.

Layoffs will occur within administrative staff in New York, as well through the closing of distribution centers in New Jersey and Kentucky. The operations in Kentucky belong to Fatbrain.com, an online seller of professional books and product manuals that was acquired by barnesandnoble.com.