“Barnes & Noble Inc reported lower-than-expected quarterly revenue, hurt by disappointing sales of its Nook digital books and e-readers, and the top U.S. bookstore chain expects sales at its stores to fall this fiscal year,” Brad Dorfman and Phil Wahba report for Reuters.
“The bookseller’s sales in the fourth-quarter were hurt by returns of the device from retailers as well as price cuts put in place in February on some versions of the device to compete with Amazon.com’s Kindle franchise,” Dorfman and Wahba report. “The company, which has bet its future on staking a claim in the e-books industry, suffered a setback as Nook revenue fell 10.5 percent.”
Dorfman and Wahba report, “The Nook business lost $77 million on revenue of $163.6 million in the quarter.”
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