Washington – Barnes & Noble investors were braced for weak holiday results. What they got was worse.
The bookstore chain posted profit of 96 cents last quarter, well below the $1.13 analysts estimated. And same-store sales — a closely watched benchmark — plunged 8.3 percent, the biggest holiday-quarter decline since 2005.
The stock fell as much as 9.1 percent to $9 in New York trading, the biggest intraday drop since August 2016. That followed an 11 percent decline this year through Wednesday’s close.
The results suggest Chief Executive Officer Leonard Riggio has more of an uphill battle against Amazon.com Inc. than feared.
Barnes & Noble’s Nook e-reader platform, once seen as a rival to Amazon’s Kindle, also has failed to deliver. Sales of Nook content, devices and accessories fell 26 percent last quarter, which ended Jan. 28.
