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Barnes & Noble reported their sales from the 2017 holiday quarter, and the news is not good.
B&N today reported holiday sales for the nine-week holiday period ending December 30, 2017. Total sales for the holiday period were $953 million, declining 6.4% as compared to the prior year. Comparable store sales also declined 6.4% for the holiday period, while online sales declined 4.5%.
Entering December, the Company was encouraged by the comparable store sales improvements throughout the second quarter and into November. However, sales trends softened in December, primarily due to lower traffic.
The Company's book business declined 4.5%, outperforming the overall comparable store sales performance. Declines in the gift, music and DVD categories accounted for nearly half of the comparable store sales decrease. The Company said it remains focused on executing its strategic turnaround plan, which includes an aggressive expense management program.
The keywords are "aggressive expense management program," which translates to "lowering" the cost of employees, and closing and downsizing stores.
Previously: Barnes & Noble Pivots to Books
(Score: 1) by anubi on Wednesday January 10 2018, @06:14AM
Yeh, I believe that was the one that had me all worked up.
I figured if they were offering discounts, I oughta get an old-geezer discount.
I sure feel like a sucker if I seem to be the one paying full list price while others flash cards and promotional slips.
All that "club" stuff only hammers home the idea I am overpaying. Every time I see the words "with card", it just drives me to WalMart. Those two words were the main driver of my finding out WalMart would sell me my prescriptions far cheaper than CVS. But, I realize highly-paid people like those words... gives them a feeling of privilege. Keeps the riff-raff out.
"Prove all things; hold fast that which is good." [KJV: I Thessalonians 5:21]