Why Barnes & Noble Stock Tumbled Today
Shares of book retailer Barnes & Noble (NYSE: BKS) slumped on Thursday after the company reported fiscal second-quarter numbers that came in well below expectations. Comparable sales fell due to major releases in the prior-year period and weakness in nonbook categories. The stock was down about 12% at 12:15 p.m. EST.
Barnes & Noble reported second-quarter revenue of $791.1 million, down 7.9% year over year and $21 million below the average analyst estimate. Comparable sales tumbled 6.3%, in part due to the release of Harry Potter and The Cursed Child last year. Slumping sales of nonbook products accounted for about half of the decline, and the company now plans to place a greater emphasis on books.
Image source: Barnes & Noble.
Source: Fool.com
