Barnes & Noble, Inc. (NYSE: BKS) today reported comparable store sales increased 4.0% between Black Friday and New Year’s Day and 1.3% for the nine-week holiday period ending December 29, 2018, making the best comparable sales performance for the Company in several years. Our new advertising campaign and improved website contributed to the solid results, as did our buy online and pick up in store initiative. The Company also increased promotional offers, which increased markdowns as well as sales.
“Although we got off to a slow start, sales picked up momentum as we moved deeper into the season, and we finished strongly in accordance with our expectations,” said Len Riggio, Chairman of Barnes & Noble, Inc. “The entire organization deserves credit for our great results, especially our 23,000 local booksellers.”
The Company said that due to the increased advertising expenditure and increased promotional activity, earnings guidance may be reduced by as much as 10%.
Barnes & Noble, Inc. will report third quarter earnings and provide an update on guidance on or about February 28, 2019.