Barnes & Noble holiday sales drop 6.6 percent

Published on NewsOK Modified: January 9, 2014 at 8:32 am •  Published: January 9, 2014
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NEW YORK (AP) — Barnes & Noble's sales fell 6.6 percent at its bookstores and online during the critical holiday season compared with last year. But the bookseller said a core sales figure was essentially flat.

The results were reported a day after the company announced that it promoted the head of its Nook business, Michael Huseby, to CEO. The post has been vacant since July when CEO William Lynch left the company.

Its stock rose in Thursday premarket trading.

Barnes & Noble Inc. said that revenue for the retail unit — which includes its bookstores and online results — totaled $1.1 billion for the nine weeks that ended Dec. 28.

The New York company said the performance was hindered by a 5.5 percent drop in sales at stores open at least a year, and store closings.

Sales at stores open at least a year is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.

Core sales at bookstores open at least a year, which excludes Nook product sales, dipped 0.2 percent from a year ago.

Huseby said in a statement that the company was particularly pleased with that figure because it was basically flat and better than its performance during the first half of the year.

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