After eyeing a retail transformation through broadened product assortments and an in-store café (and restaurant) push, Barnes & Noble says it’s back to books following a disappointing quarter.
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“Book sales continued to strengthen, and we saw improved traffic and conversion trends. As a result of the improving trends, we will continue to place a greater emphasis on books, while further narrowing our non-book assortment,” said CEO Demos Parneros, who assumed his position in April after predecessor Ron Boire’s eight-month stint in charge.
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Barnes & Noble’s Nook brand of e-readers, billed as its digital business, brought in about $26 million in revenue for the quarter, a decline of more than 25% from last year. The retail segment saw sales dip about 7% to $770 million. The firm has been offsetting shrinking sales with cost-cutting attempts and said Tuesday it plans to reduce costs by $40 million for the full fiscal year.
The ailing bookseller is perhaps a prime example of the retail industry’s struggle to modernize itself in an age of consumerism increasingly dominated by ecommerce and helmed by Amazon.
Link to the rest at Forbes