Barnes & Noble reported its fiscal third quarter ended January 30th this morning, with declining sales and more declines ahead for the Barnes & Noble superstores. Same store sales were down 5.5% for the most recent quarter, which included the holiday season. Same store sales declines of 2% to 4% are expected for the quarter ending May 1, bringing the projection for the company’s full fiscal year to an expected 3% to 5% same store sales decline, worse than the 2% to 4% decline previously expected.
The company’s online sales were up 32% for the quarter, and were trending upward quickly in that period, with 67% year over year gains for January. B&N’s e-reader the Nook was credited with contributing to that online sales increase; sales in stores were also reported to be brisk.
The company’s over-all sales were up 33% due to the inclusion of sales from the recently acquired B&N College Bookstore Division. Same store sales in that division were down 1.3%.
Barnes & Noble made a profit of $80.4 million for the quarter, a slight decline in the earnings per share.