DENVER BUSINESS JOURNAL - The challenges for Barnes & Noble continue.
The company last week lowered its sales expectations for the fiscal year after reporting a 6 percent sales drop year to year for the quarter that ended July 30. That news follows the book retailer having shrunk its footprint by dozens of stores in recent years and having seen its share price fall from more than $45 a decade ago to less than $12 at present, all while trying to diversify its product offering.
The reasons behind the challenges are far from unique to Barnes & Noble (NYSE: BKS). In its earnings announcement last week, the chain cited “lower traffic and the challenging retail environment,” something that should sound familiar to any retail business that thrived until Amazon (NASDAQ: AMZN) presented customers its version of convenient and cheap one-click shopping. Count one-time bookstore behemoth Borders and big department stores like Macy's (NYSE: M) and Sears (NASDAQ: SHLD) among those in that group.
So what does the retailer's future hold?