Barnes & Noble released their latest quarterly report today, and it has both good news and bad news. While revenues continue their decline, the company lost less money than last year. Nook Media, on the other hand, continues its nosedive into oblivion.
In the first fiscal quarter, B&N reported that company revenues decreased 7.0%, to $1.2 billion, as compared to the prior year. The consolidated first quarter net loss was $28.4 million, or $0.56 per share, compared to a net loss of $87.0 million, or a loss of $1.56 per share, in the prior year.
B&N’s retail division had revenues of $955 million for the quarter, down 5.3% from the prior year. B&N attributed the decline to “a comparable store sales decline of 5.1% for the quarter, store closures and lower online sales”, and blamed it on a decrease in sale of Nook products.
Revenues from B&N College were $226.1 million, which was only a minimal change from last year. The flat growth was probably due to additional stores being opened; comparable store sales decreased 2.0% for the quarter.
All in all, B&N’s retail efforts aren’t doing terrible, but then there is the news for the Nook division. B&N reported that Nook revenues dropped by over 50% compared to the same quarter last year.
The Nook segment (including digital content, devices, and accessories) had revenues of $70 million for the quarter, down from $155 million a year ago. Hardware sales accounted for $18 million for the quarter, a decrease of almost 80% from a year ago. Digital content sales also continued their decline, totaling $52 million for the quarter – a drop of 24.2% compared to a year ago.
But in spite of the bad news, there is some light n the horizon. B&N recently launched a new Galaxy Tab 4 Nook device in partnership with Samsung. This should boost sales in the coming quarters.