By: Amal Abdallah
So we all know that our beloved Barnes & Noble has been struggling for quite some time. Ever since the dawn of the Kindle, the nook, the iPad, bookstores just haven't been able to shake it off. One by one, they have closed their doors and succumbed to the e-readers. Because why actually buy a book and fill up your bookshelves when you can store them in one small device?
The last man standing has suffered another dump in sales, with online retailers gnawing away.
Shares fell more than 10%, with same-store sales (a key industry metric) falling 6.3% in the second quarter of the fiscal year which ended October 28.
Even total net sales we down 7.9% YoY to $791.1M, and net losses grew to $30.1M compared to $20.4M just a year prior. This is proof that the online booksellers (ahem ahem, Amazon) and the like have taken over. Although B&N tried to get in the game with Nook, it never really took off with consumers in that e-reader world, so B&N suffered losses (big losses).
However, in recent years, B&N has tried to expand its product mix by offering unique gifts & gadgets to customers, along with books and stationery, music, etc. For the most part, the results haven't been too overwhelming.
In the glory days of Barnes & Noble, a share was worth almost $32 a pop--this week, the stock closed at $7.80, valuing it at just $566.5M.
Is the age of the paperback, hardcover book a thing of the past? Are we to forever hold a tablet in our hand, never again to smell the scent of a freshly cracked book? As someone who is still buying paperbacks, yet has an iPad, I find this reality to be a bit depressing. There's something about a new book that a new "book" on my iPad just doesn't quite do for me.
Has anyone been in a bookstore recently?