Barnes and Noble announced their latest financial results and it is dire. Total sales for the third quarter were $1.2 billion, declining 5.3% as compared to the prior year. Comparable store sales decreased 5.8% for the quarter, primarily due to lower traffic. Comparable store sales trends did improve in January, declining 3.5%. The bookseller hopes to have a $100 million dollars in positive cash flow.
One of the only positive things about the quarter was that the Nook business generated an EBITDA gain of $1.62M. This is likely due to the Nook Glowlight 3 being new and most people buying digital content after Christmas.
During the earnings call, the Barnes and Noble CEO disclosed they will be implementing a new policy sometime this year. They will allow you to order books and products online and pick them up in the closest bookstore to you, without having to pay for shipping.
Michael Kozlowski is the Editor in Chief of Good e-Reader. He has been writing about audiobooks and e-readers for the past ten years. His articles have been picked up by major and local news sources and websites such as the CBC, CNET, Engadget, Huffington Post and the New York Times.