Barnes & Noble reported its fiscal first quarter 2014 earnings on Tuesday and revealed that it will release a new Nook product before the holiday season. It needs to, because it took a beating during the quarter.
The company noted an 8.5-percent decline in revenues year-on-year to $1.3 billion. It also reported a loss of $8.9 million, a large fall from the $5.8 million the company earned during the first quarter of 2013. Retail sales were down $1 billion, representing a 9.9 percent decline, and the company’s Nook unit reported revenues of $153 million, a 20.2 percent decline.
The drop-off in Nook sales could be related to the lack of new products in Barnes & Noble’s portfolio, and the company recently decreased the price of its Nook Simple Touch with GlowLight to $99, likely in an effort to spur new sales of the aging eReader. The lack of new products also caused a hit on the company’s accessory and digital content sales, which decreased 23.1 percent and 15.8 percent year-on-year.
B&N expects its retail sales and college sales to decrease during the second quarter. It hopes new “cutting-edge Nook black and white and color devices,” will help boost its revenue moving forward and said one new Nook will be released during the holiday season. Additional products are underway, too. Despite the incoming Nook, shares of Barnes & Noble stock were trading down 12.66 percent at $14.56 following its poor showing today.