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Wednesday, February 26, 2014
Barnes & Noble Reports Weak Nook Sales, But Says New Device Coming

Barnes & Noble's Nook division has a rough fiscal third quarter but the bookseller hopes to reverse the decline with the launch of a new Nook device.

The company reported on Wednesday that the Nook division saw sales drop 50.4 percent in the fiscal third quarter ended January 25, from $316 million last year to $156.9 million this time around. Nook business saw an improvement in its earnings, jumping 67.5 percent from a loss of $190.4 million in last year's third fiscal quarter to a loss of $61.8 million during its most recent period.

Sales of tablets and e-readers returned $100 million to the company during the period, dropping 58.2 percent compared to the prior year. Digital content sales were down 26.5 percent.

However, newly appointed CEO Michael P. Huseby said the company is committed to its e-readers and taking steps to reverse the sales decline.

"The company is actively engaged in discussions with several world-class hardware partners related to device development as well as content packaging and distribution," said Huseby in a statement. "As a result, we plan to launch a new NOOK color device in early fiscal 2015."

Looking ahead, Barnes & Noble indicated that it reduced staff levels in the Nook business just after the quarter ended and that "these ongoing efforts may involve additional actions."

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