Barnes & Noble December Sales Slip
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.
Wal-Mart, Netflix accused of monopoly building
NEW YORK Wal-Mart Stores and Netflix have been accused of trying to build a monopoly for online DVD rentals in a consumer lawsuit filed Jan. 2 in the U.S. District Court of the Northern District of California, according to reports.
The plaintiffs claim that in 2005, Wal-Mart agreed to end its online rental business and refer customersto Netflix, which in turn agreed to promote Wal-Mart’s DVD movie sales.
Family Dollar posts 1Q earnings growth
MATTHEWS, N.C. Family Dollar Stores reported that net income per diluted share for the first quarter of fiscal 2009 increased 13.5% to 42 cents compared with 37 cents for the first quarter of fiscal 2008. Net income for the quarter increased 14.1% to $59.3 million compared with net income of $51.9 million for the first quarter of fiscal 2008.
As previously reported, sales for the first quarter of fiscal 2009 were approximately $1.754 billion, or 4.2% above sales of approximately $1.683 billion for the first quarter of fiscal 2008. Comparable-store sales increased 2.1%.
For the fiscal year ending August 29, 2009, the company expects net sales will increase 4% to 6% and expects comparable-store sales will increase 2% to 4%. Anticipating continued strong sales of consumable merchandise, the company expects earnings per share will be between $1.63 and $1.81 in fiscal 2009.