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Barnes & Noble's Holiday Sales Drop Except for Last 2 Weeks Date: 1/12/2009 |
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Barnes & Noble, the nation?s largest bookselling chain, announced today that its sales for November and December were down 5.2% over the same period in 2007. Comparable store sales were down 7.7% in line with the company?s projections, but comparable sales during the last two calendar weeks of 2008 were actually up over 2007 indicating something of a recovery at the end of poor holiday season. While Barnes & Noble?s holiday sales were nothing to write home up about, they were considerably better than those of its chief competitor, Borders, which saw its holiday sales drop 11.7% and same store sales for the Border Superstores decline 14.4% (see ?Borders Installs New Management Team?). Investors evidently founded something to like in Barnes & Noble?s report?B&N stock gained 12.51% in the day following the company?s announcement of its holiday sales. The most negative note in B& N?s holiday sales report was the news that holiday sales for the company?s online operations declined 11% versus 2007 during a season in which online competitor Amazon is expected to report robust holiday sales. Barnes & Noble reports that at year?s end, it had $275 million in cash on hand and no borrowings under its $850 million revolving credit facility. |
| Source: ICv2 |
