New York – Barnes & Noble posted a $41 million loss for its fiscal first quarter as Nook sales remained almost flat for the period.
The loss came on revenue of $1.45 billion for its first quarter, ended July 28, up 2.5 percent from the same period. Nook sales inched up $1 million, to $192 million.
The Nook segment, consisting of readers, digital books, digital newsstand and apps, did increase 46 percent year over year. However, this was offset by slower reader sales, lower average selling prices and production issues surrounding its new GlowLight Nook, which resulted in unmet demand, the company said.
The bookseller’s retail business did experience a 2 percent uptick in sales to $1.2 billion for the quarter. The increase was credited to strong sales of “Fifty Shades of Grey.”
Company executives reported that Barnes & Noble and Microsoft continue to work toward finalizing a strategic partnership to form a company now called Newco. The transaction will move the Nook digital and college segment to Newco, and it is expected to be completed this fall.