Barnes & Noble's Nook flops during holidays |
| CNNMoney - Jan 3, 2013 |
Barnes & Noble got coal in its stocking this holiday season, in the form of disappointing sales that were dragged lower by the slumping Nook e-reader.
Revenue from the bookseller's brick-and-mortar stores and BN.com totaled $1.2 billion during the final nine weeks of 2012, falling by nearly 11% from the same period a year ago.
Nook sales in particular "fell short of the company's expectations," Barnes & Noble (BKS, Fortune 500) said in its press release Thursday. The company's Nook business, which includes both e-readers and digital content like e-books, suffered a 12.6% sales decline over 2011, bringing in just $311 million.
The weakness in the Nook business was specifically due to poor tablet sales, Barnes & Noble said, though the company didn't break out how many Nooks it sold or how much those sales declined. Digital content sales -- including books, movies and magazines -- increased 13.1% over the year.
"Nook device sales got off to a good start over the Black Friday period, but then fell short of expectations for the balance of holiday," said Barnes & Noble CEO William Lynch, in a prepared statement. "We are examining the root cause of the December shortfall in sales, and will adjust our strategies accordingly going forward."
Read Full Article from CNNMoney
- Posted: 2013-01-03 21:33:00
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