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.
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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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