Barnes & Noble Reports Holiday Sales Results
January 10 2019 - 8:30AM
Business Wire
Comparable Store Sales Increase 4.0% between
Black Friday and New Year’s Day
Barnes & Noble, Inc. (NYSE: BKS) today reported
comparable store sales increased 4.0% between Black Friday and New
Year’s Day and 1.3% for the nine-week holiday period ending
December 29, 2018, making the best comparable sales performance for
the Company in several years. Our new advertising campaign and
improved website contributed to the solid results, as did our buy
online and pick up in store initiative. The Company also increased
promotional offers, which increased markdowns as well as sales.
“Although we got off to a slow start, sales picked up momentum
as we moved deeper into the season, and we finished strongly in
accordance with our expectations,” said Len Riggio, Chairman of
Barnes & Noble, Inc. "The entire organization deserves credit
for our great results, especially our 23,000 local
booksellers.”
The Company said that due to the increased advertising
expenditure and increased promotional activity, earnings guidance
may be reduced by as much as 10%.
Barnes & Noble, Inc. will report third quarter earnings and
provide an update on guidance on or about February 28, 2019.
About Barnes & Noble, Inc.
Barnes & Noble, Inc. (NYSE: BKS) is the nation’s largest
retail bookseller, and a leading retailer of content, digital media
and educational products. The Company operates 630 Barnes &
Noble bookstores in 50 states, and one of the Web’s premier
e-commerce sites, BN.com (www.bn.com). The Nook Digital business
offers a lineup of popular NOOK® tablets and eReaders and an
expansive collection of digital reading and entertainment content
through the NOOK Store®. The NOOK Store (www.nook.com) features
digital books, periodicals and comics, and offers the ability to
enjoy content across a wide array of popular devices through Free
NOOK Reading Apps™ available for Android™, iOS® and Windows®.
General information on Barnes & Noble, Inc. can be obtained
by visiting the Company's corporate website at
www.barnesandnobleinc.com.
BKS – Financial
Forward-Looking Statements
This press release contains certain forward-looking statements
(within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended) and information relating to Barnes & Noble that are
based on the beliefs of the management of Barnes & Noble as
well as assumptions made by and information currently available to
the management of Barnes & Noble. When used in this
communication, the words “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “will,” “forecasts,” “projections,” and
similar expressions, as they relate to Barnes & Noble or the
management of Barnes & Noble, identify forward-looking
statements.
Such statements reflect the current views of Barnes & Noble
with respect to future events, the outcome of which is subject to
certain risks, including, among others, the general economic
environment and consumer spending patterns, decreased consumer
demand for Barnes & Noble’s products, low growth or declining
sales and net income due to various factors, including store
closings, higher-than-anticipated or increasing costs, including
with respect to store closings, relocation, occupancy (including in
connection with lease renewals) and labor costs, the effects of
competition, the risk of insufficient access to financing to
implement future business initiatives, risks associated with data
privacy and information security, risks associated with Barnes
& Noble’s supply chain, including possible delays and
disruptions and increases in shipping rates, various risks
associated with the digital business, including the possible loss
of customers, declines in digital content sales, risks and costs
associated with ongoing efforts to rationalize the digital
business, risks associated with the eCommerce business, including
the possible loss of eCommerce customers and declines in eCommerce
sales, the risk that financial and operational forecasts and
projections are not achieved, the performance of Barnes &
Noble’s initiatives including but not limited to new store concepts
and eCommerce initiatives, unanticipated adverse litigation results
or effects, potential infringement of Barnes & Noble’s
intellectual property by third parties or by Barnes & Noble of
the intellectual property of third parties, and other factors,
including those factors discussed in detail in Item 1A, “Risk
Factors,” in Barnes & Noble’s Annual Report on Form 10-K for
the fiscal year ended April 28, 2018, and in Barnes & Noble’s
other filings made hereafter from time to time with the SEC.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those described as anticipated,
believed, estimated, expected, intended or planned. Subsequent
written and oral forward-looking statements attributable to Barnes
& Noble or persons acting on its behalf are expressly qualified
in their entirety by the cautionary statements in this paragraph.
Barnes & Noble undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise after the date of this
communication.
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version on businesswire.com: https://www.businesswire.com/news/home/20190110005358/en/
MediaMary Ellen
KeatingSenior Vice PresidentCorporate CommunicationsBarnes &
Noble, Inc.(212) 633-3323mkeating@bn.comInvestorsAndy MilevojVice PresidentInvestor
Relations and Corporate FinanceBarnes & Noble, Inc.(212)
633-3489amilevoj@bn.com
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