Barnes & Noble (BKS) Holiday Comps Decline 6.4%

Barnes & Noble, Inc. (NYSE: BKS) today reported holiday sales for the nine-week holiday period ending December 30, 2017.

Total sales for the holiday period were $953 million, declining 6.4% as compared to the prior year. Comparable store sales also declined 6.4% for the holiday period, while online sales declined 4.5%.

Entering December, the Company was encouraged by the comparable store sales improvements throughout the second quarter and into November. However, sales trends softened in December, primarily due to lower traffic. The Company’s book business declined 4.5%, outperforming the overall comparable store sales performance. Declines in the gift, music and DVD categories accounted for nearly half of the comparable store sales decrease.

The Company said it remains focused on executing its strategic turnaround plan, which includes an aggressive expense management program.

Based on the holiday sales results, the Company expects comparable store sales to decline in the mid-single digits and consolidated EBITDA to be in a range of $140 million to $160 million for fiscal 2018, excluding any unusual or non-recurring items.

Barnes & Noble, Inc. will report fiscal 2018 third quarter results on or about March 1, 2018.

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