As Company Lowers Forecast
Posted by Milton Griepp on January 6, 2017 @ 12:41 am CT
The company updated its forecast for the year ending April 31, lowering its profit projection to the lower end of the previously forecasted range, and its same store sales projection to a 6% decline.
The company has been having a tough year, with CEO Leonard Riggio describing the retail environment in early September as "one of the worst I have ever experienced in the 50 years I have been in this industry" (see "B&N Sees Terrible Retail Environment").
In its most recent quarter (ended October 29), the company reported a 3.2% decline in same store sales (see "B&N Bases Weak Sales on Election").
Barnes & Noble is not the only major U.S. retail chain that had trouble during the 2016 holiday season; Macy’s announced that it was closing 68 stores and cutting 10,000 jobs after reporting a 2.1% decline in same store sales for the holiday season.
Riggio said that very recent trends had been positive. "Fortunately, post-holiday traffic and sales have improved and we are optimistic for the remainder of the fiscal year, and we believe this most unusual retail season may be behind us," he said.
DVD Round-Up: 'Fantastic Beasts,' 'Patriots' Day,' 'Why Him?,' 'A Monster Calls,' 'Archer,' 'Static Shock,' & 'Boruto Naruto'
Week of March 28, 2017
March 26, 2017
This week’s home entertainment releases include Fantastic Beasts and Where to Find Them , the real-life drama Patriots’ Day , the over-the-top “dad vs. fiancé” film Why Him?, the Static Shock cartoon, the latest season of the adult cartoon series Archer , and the North American disc debut of the most popular Naruto film yet.
As It Closes 150 Legacy Stores
March 27, 2017
Gamestop announced that it will open around 35 collectibles stores globally in its fiscal 2017, which began January 29, 2017.