As Company Lowers Forecast
Posted by Milton Griepp on January 6, 2017 @ 1:41 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.
According to New Estimate by ICv2 and Comichron
July 10, 2020
Comics and graphic novel sales topped $1.2 billion in 2019, according to a new joint estimate by Comichron's John Jackson Miller and ICv2's Milton Griepp.
RILA Letter Says 'A Uniform Approach Is Essential'
July 9, 2020
The letter decries the current patchwork of rules, and notes that retailers are put in the position of confronting sometimes hostile and violent shoppers opposed to stores' mask rules.
'Power Rangers: Rise of the Psycho Rangers' Expansion
July 10, 2020
Renegade Game Studios will unleash Power Rangers: Rise of the Psycho Rangers, a new expansion for Power Rangers: Heroes of the Grid, in September.