MAIN NEWS HEADLINES
January 14 – January 21, 2010 Edition
BN Store Sales Slump While Web Sales Increase
NEW YORK, NY/AUTHORLINK NEWS/01/13/10–Barnes & Noble, Inc. reported a 5% decrease in store sales over the nine-week holiday period from November 1, 2009, to January 2, 2010. The world’s largest bookseller had sales of $1.1 billion for the period, with comparable store sales sliding own 5.4%. The online store, Barnesandnoble.com, however, had a 17% increase for the period, with holiday sales total $134 million.
The website sales include nookT revenues recognized since the product began shipping after Thanksgiving.
"We’re pleased we were able to ship all holiday orders for nook in time," said Steve Riggio, Chief Executive Officer of Barnes & Noble, in announcing results last week. "Orders for nook remained strong throughout the holiday season, and, in fact, accelerated after we announced that we had sold out our initial supply. Demand remains strong in the New Year and greater than our supply, however, we expect production to catch-up with demand and be fully stocked in our stores in the next few months."
In light of poor holiday sales, Barnes & Noble has reduced its third quarter earnings guidance from $1.30-$1.50 per share to $1.20 to $1.40 per share.
The company, which currently operates 775 bookstores in 50 states, will report third quarter earnings results and discuss its outlook for the balance of fiscal year 2010 on or about February 23, 2010.