Barnes & Noble sales drop in third quarter ended January 2016 as consumers flock away from the Nook
Barnes & Noble today revealed that its sales have dipped over for the last three months, as the brand's ereader fails to find favour with consumers.
Sales for the bookseller's third quarter ending January 2016 were $1.4bn (£1bn), down 1.8 per cent compared with $1.5bn the year before.
Sales of the company's ereader, the Nook, performed particularly poorly, dropping by a third to $51.7m. However, the losses being made on the product contracted during the year, thanks to the company's efforts to rationalise costs.
Net income for the company also rose slightly, growing to $80.3m from $72.2m the year before.
"We are encouraged by the improved bookstore sales trends that are enabling us to close the least amount of stores since fiscal 2000 and are excited to introduce our new store concept later this year, with the opening of four new stores throughout fiscal 2017," said Ron Boire, chief executive of Barnes & Noble.
Boire pointed out that the company was also looking for ways to drive traffic to its online store, after being encouraged by its relatively strong performance in this quarter's results.
"Moving forward, our top priorities are growing bookstore and online sales, reducing retail and Nook expenses and growing our membership base," Boire concluded.