Barnes & Noble saw total sales increase seven percent last quarter and an impressive 64 percent increase in comparable sales at Barnes&Noble.com.
Nevertheless, the sales report contained some bad news as well. According to the release, the company has suspended its quarterly dividend payment for stockholders and expressed concern about the “short-term impact” of Borders’ bankruptcy. In addition, sales at Barnes & Noble College Booksellers dipped 2.2 percent compared to the same period last year.
Here’s more from the release: “Due to a competitor’s recent announcement that their company has filed for Chapter 11 bankruptcy protection and the potential short-term impact that their announced store closures may have in the marketplace, the company has decided not to issue sales or earnings guidance for the balance of fiscal 2011. Additionally, the company’s Board of Directors has decided to suspend its quarterly dividend payment of $0.25 per share. This will provide the company the financial flexibility to continue investing into its high growth digital strategies, while simultaneously allowing the company to take advantage of any other market opportunities that may present themselves.”