From today's Shelf Awareness:
Sales at Barnes & Noble fell 5.2% to $1.1 billion in the nine weeks ended January 3 and sales at stores open at least a year fell 7.7%. At Barnes&Noble.com sales fell 11% during the period.."From the press release:
Barnes & Noble experienced diminished traffic, and as a result, diminished sales, due to the unprecedented fall-off of retail shopping during the last quarter of the year. After a slow start to the holiday season, our store performance improved and we were able to post comparable store sales increases during the last two weeks of the season, enabling us to meet our sales guidance for the period to date. As a result, if sales trends continue, we expect full-year earnings per share to be in a range of $1.30 to $1.60, in-line with previously issued guidance.
The company currently has approximately $275 million of cash on hand and no borrowings under its $850 million Revolving Credit facility. The company’s inventory levels are appropriate given the current sales environment and, as a result, the company expects to end the year with no debt and a strong balance sheet.
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