Barnes & Noble Swung to Q3 Loss, as Same-Store Sales Fell 5.8%
Barnes & Noble revenue sank 5.3 percent to $1.2 billion in Q3, ended Jan. 27, said the company Thursday. Comp store sales fell 5.8 percent. The retailer had a loss of $63.5 million vs. profit of $70 million. Nook sales…
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dropped to $30.9 million in the holiday quarter from $38.4 million. CEO Demos Parneros underscored the company’s commitment to books and away from nonbook categories, on a Thursday earnings call. Declines in gifts, music and DVDs accounted for nearly half of the overall comp sales decrease, said Chief Financial Officer Allen Lindstrom. The company projects a mid-single-digit decline in same-store sales for the fiscal year. Shares were off 3.3 percent Thursday to close at $4.35 after reaching a 52-week low of $4.10.