June 25 Barnes & Noble Inc reported on Tuesday that its quarterly net loss more than doubled as sales of its Nook device and e-books continued to plunge and business at its bookstores declined.
The largest U.S. bookstore chain reported a net loss of $118.6 million, or $2.11 per share, for the fiscal fourth quarter ended April 27, compared with a loss of $56.9 million, or $1.06 per share, a year earlier.
Revenue of its Nook business, including e-books and devices, fell 34 percent as it sold fewer e-readers and tablets and slashed prices.
At its namesake bookstores, sales at stores open at least 15 months fell 8.8 percent. Barnes & Noble expects retail sales to be down by a high single digit percentage in its new fiscal year.
Companywide, revenue was down 7.4 percent to $1.28 billion.