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21.11.08 | Philip Jones
US bookseller Barnes & Noble Inc posted a bigger-than-expected quarterly loss and lowered its full year forecast as a weak economy hurt demand for books and music at the largest US specialty bookseller, reports Reuters.
The company also cut back on its 2009 store opening plans and its shares fell as much as 18% to their lowest level in more than 13 years before paring much of the loss. "A significant drop-off in customer traffic and consumer spending impacted our business in the third quarter," CEO Steve Riggio said. Total sales fell 4.4%, to $1.1bn, with sales through its bookstores down by the same 4.4%. Same store sales fell 7.4%. The company predicted that same store sales in the fourth quarter would fall 6% to 9%