Huseby has been serving as CEO of NOOK Media ever since Lynch left. In his new role, Huseby will be in charge of all of the company’s business units including Barnes & Noble Retail, Barnes & Noble College and NOOK Media. Huseby will report to the Board of Directors and will also serve on the Board. He joined the company as CFO in March 2012. He came to the bookseller from Cablevision Systems Corporation where he had served as EVP & CFO.
Barnes & Noble
Barnes & Noble’s consolidated revenues for the second quarter of fiscal 2014 was $1.7 billion, an 8 percent drop compared to the same quarter last year. Second quarter consolidated earnings before interest, taxes, depreciation and amortization increased 13.7% to $76 million, as compared to a year ago.
Barnes & Noble retail segment, which includes sales from bookstores and BN.com businesses, reported $921 million in revenues for the quarter, a down 7.5 percent from last year. The company’s college segment had revenues of $738 million, a 4.6 percent drop compared to last year. The company’s Nook business reported revenues of $109 million for the quarter, a whopping 32.2 percent drop over last year.
“During the second quarter, Barnes & Noble grew earnings through improved margins and reduced expenses, while also completing another successful College rush season,” stated Michael P. Huseby, President of Barnes & Noble/CEO of Nook Media. ”The company is focused on executing its plans for the holiday season and our booksellers are prepared to welcome holiday shoppers and recommend thoughtful gift ideas for everyone on their list.”
Middle school and high school students can nominate their teacher the My Favorite Teacher Contest at Barnes & Noble.
Follow this link for the entry form and official rules. To enter, kids can compose essays, poems or letters revealing “how their teacher has influenced their life and why they appreciate and admire their teacher.”
Teachers can take the entries to their local Barnes & Noble, where judges will look at “the compelling nature of the teacher’s qualities, the sincerity of the student’s appreciation and the quality of expression and writing.”
Barnes & Noble CEO William Lynch has resigned. In addition, Michael P. Huseby will serve as CEO of NOOK Media and Barnes & Noble, Inc. president.
Lynch had this statement:
I appreciate the opportunity to serve as CEO of this terrific Company over the last three years,” said William Lynch. “There is a great executive team and Board in place at Barnes & Noble, and I look forward to the many innovations the Company will be bringing to its millions of physical and digital media customers in the future.
Barnes & Noble revealed a that consolidated revenues for the fourth quarter decreased 7.4 percent to $1.3 billion as compared to the same period last year. The company also saw steep 16.8 percent drop in Nook revenues.
The bookseller’s “consolidated fourth quarter net loss” amounted to $118.6 million, compared to $56.9 million during the same period last year. Here’s more about the company’s retail performance in the fourth quarter:
The Retail segment, which consists of the Barnes & Noble bookstores and BN.com businesses, had revenues of $948 million for the quarter and $4.6 billion for the full year, decreasing 10.0% for the quarter and 5.9% for the fiscal year. The sales decreases were attributable to comparable store sales decreases of 8.8% for the quarter and 3.4% for the full year, store closures and lower online sales. Fourth quarter comparable bookstore sales decreased as a result of lower NOOK unit volume and a stronger title lineup in the prior year period including The Hunger Games and Fifty Shades of Grey trilogies. Core comparable bookstore sales, which exclude sales of NOOK products, decreased 5.8% for the quarter and were essentially flat for the full year.
Will the kids in your life read more than eight books this summer? They can get a free book through Barnes & Noble’s Summer Reading program.
Kids can download the free Summer Reading Journal (PDF link) and fill it up as they read eight books this summer. They can bring the filled-up journal to a Barnes & Noble and pick out a book from the store’s special Reading Journal list. Here’s more about the process:
1. Read any eight books this summer and record them in this Barnes & Noble Summer Reading Imagination’s Destination Journal. Be sure to let us know to whom you would recommend each book, and why. 2. Bring your completed journal to a Barnes & Noble store between May 21st and September 3rd, 2013. 3. Choose your FREE reading adventure from the book list featured on the back of the journal.
One alert Reddit user snapped a photograph of an empty “What Teens Are Reading Now” shelf at a Barnes & Noble.
The photo makes for some funny Thursday morning reading, but don’t despair– the shelf was only being restocked.
On the same morning, scores of readers clicked on this photograph of young kids reading on the train.
TechCrunch broke the surprising news that Microsoft might be considering a $1 billion for Barnes & Noble’s Nook Media business.
the Washington-based technology company already has a 16.8% stake in [Nook Media] … Microsoft has been working with Barnes & Noble last year, when the two companies came together to form a digital content subsidiary which included combining Barnes & Noble’s digital and college businesses into one business unit. As part of the partnership, Microsoft invested $300 million in the company. Last year, publishing company Pearson acquired a 5% equity stake in the Nook business after investing $89.5 million in the business.
Barnes & Noble reported that Nook segment revenues totaled $316 million for the fiscal third quarter, sinking 26 percent compared to the same period last year. The company blamed “lower device unit volume” for the sagging sales, and promised to “significantly reduce NOOK’s expenses.”
At the same time, retail revenues at Barnes & Noble bookstores and the online business, decreased 10.3 percent during the quarter–counting revenues of $1.5 billion. The company said a “decline in comparable store sales, store closures and lower online sales” had produced these reduced figures.
Barnes & Noble CEO William Lynch had this comment in the release: “In terms of the NOOK Media business, we’ve taken significant actions to begin to right size our cost structure in the NOOK segment, while also taking a large markdown on NOOK devices in order to enhance our ability to achieve our estimated sales plans in subsequent quarters … NOOK Media has been financing itself since October of 2012 due to the strong investment partners we’ve been able to attract in Microsoft and Pearson. Coming off the holiday shortfall, we’re in the process of making some adjustments to our strategy as we continue to pursue the exciting growth opportunities ahead for us in the consumer and digital education content markets.”