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Barnes & Noble has had a tumultuous month. Just a few days after wild rumors of a buyout sent stock prices skyrocketing (and a subsequent denial of the allegations), the company announced a 6.6% first quarter sales decline over the same period in fiscal 2017. Sales of products under the Nook umbrella fell 28% , from $41 million to $29.5 million, though the company reports that the division was still profitable.
While the digital side of B&N is relatively healthy, comparable retail sales fell 4.9%. The company says, however, that it plans to add more stores to its roster, in addition to relocating others as their leases expire.
It will need to be aggressive as Amazon continues to ramp up its brick-and-mortar presence. Amazon announced just this week that it plans to open two more stores next year, bringing its total, once completion is complete on two additional stores this year, to fifteen.
The companies both seem to recognize the importance of physical books to consumers, despite the heralded arrival of the e-book many years ago. Even bookstores without such corporate clout are sticking it out: earlier this month, Publishers Weekly reported that independent bookstores it surveyed (creating an admittedly tiny sample size) had seen sales increases.
