Gloomy Forecast at Barnes & Noble

Following last week’s $15.7 million purchase of a major e-book retailer, Barnes & Noble predicted a six to nine percent drop in comparable store sales in the first quarter of the current year.

In addition, the company noted that consolidated sales had fallen by 6 percent in the final quarter last year; overall, consolidated sales dropped three percent last year. At the end of the year, the bookseller included 726 Barnes & Noble stores and 52 B. Dalton stores.

CEO Steve Riggio had this statement: “While 2008 proved to be the most challenging year that the company and the industry have ever experienced, we are proud of our financial results in light of the macro retail environment … As we look to 2009, we expect the challenging environment to continue. Sales forecasts have been planned accordingly and expenses have been cut.”

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