Barnes & Noble’s fiscal first quarter was a tale of modern and traditional as tech-savvy readers snapped up its e-books and other digital content while traditionalists headed to its bookstores for the popular “Fifty Shades of Grey” series of erotic novels.
The double dose of good news, cost-control efforts and lower expenses helped the New York company’s loss narrow and revenue rise.
Weak sales of its Nook e-readers and an unchanged full-year outlook may have given investors pause, putting shares down nearly 4 percent.
Barnes & Noble had the bonus of riding the buzz of E.L. James’ series “Fifty Shades of Grey,” which hold the top three spots on The New York Times’ list of best-selling print and e-book fiction.
Barnes & Noble lost $45.2 million, or 78 cents per share, for the period ended July 28 — $56.6 million, or 99 cents per share, less than it lost a year earlier. Shares fell 48 cents, or 3.9 percent, to close at $11.87 Tuesday. That’s off 18 percent year to date.
