Barnes & Noble has just released its report for the end of fiscal year 2011, and the news is both good and bad.
Total sales for 2011 were up 20%, hitting a record $7 billion.This increase was largely driven by bn.com, which saw sales of $217 million for the quarter and $858 million for the full year. This was an increase over the previous year of 78% for the 4th quarter and 65% for the full fiscal year.
But the great news about online sales is balanced by the continuing decline in in-store sales. Barnes & Noble reported $4.4 billion sold in stores, which is a decline of just under 1%. Part of the dip was a 3% drop for the most recent quarter which was caused by all the Borders stores liquidating.
It lost $74 million last year. Given that the income was over $7 billion, that’s not bad.