Barnes & Noble’s total sales for first quarter 2017 were $913.9 million, down 6.6 percent year over year.
Retail sales, which combines store sales with online sales, declined 6.1 percent to $881.7 million. NOOK sales, which includes digital content, devices and accessories, dropped a hefty 24.5 percent to $41.0 million for the quarter. Here is more from the press release:
Retail incurred an operating loss of $7.4 million during the quarter, which includes severance charges and consulting fees of $7.9 million resulting from Retail’s cost reduction initiatives. NOOK incurred an operating loss of $14.0 million, which includes severance and transitional costs of $7.2 million related to the previously announced outsourcing of certain NOOK services and the closure of its California and Taiwan offices.
In response to the news, the bookseller has lowered its fiscal 2017 comparable store sales expectations. The company now expects sales to decline in the low single digits.