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Shares of Barnes & Noble slid more than 16 percent Thursday after the company reported flat sales during the crucial holiday season and warned investors that its full-year earnings will be weaker than previously estimated.
struggled as consumers shop online to buy books or read them on phones or tablets instead. In October, Barnes & Noble named a special committee to review bids to sell the company. On the call with investors, the company said online sales were down 2 percent during the quarter due to its buy online, pick up in store program and pressure on the textbook business.
On Wednesday, shares of Barnes & Noble fell more than 8 percentafter Amazon said it would open more Amazon Books stores this year.
In January, Barnes & Noble said its holiday same-store sales performance was its best in several years. Sales at stores operating for at least 12 months increased 4 percent between Black Friday and New Year’s Day, and 1.3 percent for the nine-week holiday period that ended Dec. 29.
In January, the retailer said it might reduce earnings guidance by as much at 10 percent due to increased costs for advertising and promotions.
Barnes & Noble appointed Sasha Quinton as vice president and general merchandise manager, bookstore on Wednesday. Quinton will lead publisher relations, adult trade books and newsstand retailing, according to a Barnes & Noble press release.