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Barnes & Noble has slow first quarter

23.05.08 Anna Richardson

US book chain Barnes & Noble has posted "lower than expected" first quarter results and lowered its sales forecast for the year.

Sales for the first quarter, ending 3rd May, increased just 1.1% to $1.2bn, and the retailer's net loss increased to $2.2m from $1.7m in the comparable period last year.

Sales through stores increased 1.1% to $1bn, which constituted a 1.5% decrease in sales for the quarter with the effect of new stores opening in the past year stripped out. Barnes & Noble.com comparable sales continued to increase to $99.6m for the quarter, a 7.2% increase compared to the prior year period.

The company added: "Based on lower than expected first quarter sales results and the overall retail sales environment, the company is lowering its full-year comparable store sales guidance at Barnes & Noble stores from slightly positive to slightly negative.  Additionally, due to the difficult comparison against last year’s July release of Harry Potter and the Deathly Hallows, second quarter comparable store sales are expected to decrease in the low to mid-single digits."

Retail Financial Anna Richardson Barnes & Noble Global

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