New York City Bookseller Barnes & Noble Inc. said Thursday that its holiday season same-store sales fell 7.7%, while total sales fell 5.2% as consumers cut back on discretionary spending.
Total sales for the holiday season were $1.1 billion. Barnes & Noble also saw a decline in sales through its Web site, with comparable sales down 11% to $114.2 million.
For the 48 weeks ending Jan. 3, same-store sales dropped 5.4%, while total sales declined 2.6% to $4.2 billion, Barnes & Noble said. The Web site's same-store sales edged down 0.4% to $422.9 million.
Last week, business magnate Ron Burkle purchased an 8.3% stake in Barnes & Noble.