by Lauren Coleman-Lochner at Bloomberg
Barnes & Noble Inc. investors were bracing for weak results over the holidays. What they got was worse.
The bookstore chain posted profit of 96 cents last quarter, well below the $1.13 analysts estimated. And same-store sales — a closely watched benchmark — plunged 8.3 percent. That was the biggest holiday-quarter decline since 2005.
The stock fell as much as 9.1 percent to $9 in New York trading, the biggest intraday drop since August 2016. That followed an 11 percent decline this year through Wednesday’s close.
Read the rest of the article at Bloomberg.
Reblogged this on The Art of Chaos and commented:
And then my father wonders why I don’t have a ton of faith in traditional publishing right now. The game is changing and we need to change with it.
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Good point.
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Don’t misunderstand me. I worry about the loss of printed books. My comment in the reblog refers to an earlier post I made about how my father preached to me about “legit” publishing was ONLY the big five and didn’t mean anything if it was an “e-book” or “self published” but then I read this. People hold these views about writers when the market clearly says something different.
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Oh, great. The vision of a world without bookstores is indeed disturbing. I was quite surprised when all of the Borders stores closed in the US.
I hope B&N can hang on.
What’s even more disturbing, is that this may indicate how little people are reading now compared to 20 – 40 – 60 – 100 years ago.
Time to limit the TVs, the video games and the smart phones.
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This isn’t good. The digital world is taking a hold of places like Barnes N Noble.
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