News Brief
Fall In Traffic Hurts Barnes & Noble
Nov 20, 2008, 4:26 PM
Despite a few notable top-sellers, Barnes & Noble says sales took a tumble in third quarter--falling 4.4% to $1.1 billion--and it lowered it sales and earnings targets. On a comparable-store basis, sales fell 7.4% for the quarter, compared to a year ago.
The new York-based chain says a downturn in both consumer spending and traffic hurt its results. Best-selling titles during the quarter included Stieg Larsson's The Girl with the Dragon Tattoo, Alice Schroeder's The Snowball, and Thomas L. Friedman's Hot, Flat and Crowded.
The company is forecasting that for the fourth quarter, comparable-store sales are likely to drop from 6% to 9%, with a full-year decline of 5% to 6%. --Sarah Mahoney
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