Barnes & Noble published its fiscal second quarter 2014 results on Wednesday, noting a drop in both overall revenues and a huge dip in revenues generated by its Nook eReader and tablet business and retail businesses.
The firm reported $1.7 billion in revenue for the quarter, down 8 percent from the same quarter last year, but a consolidated earnings of $76 million, up 13.7 percent over the same period last year. The company’s retail arm noted revenues of $921 million in Q2, down 7.5 percent while its college segment noted a 4.6 percent decline with revenues of $738 million.
Barnes & Noble’s Nook business took a real beating, however, with revenues of $109 million in Q2, down a stunning 32.2 percent over the same period last year. It also noted a 21.2 percent drop in digital content sales and a 41.3 percent decline in device and accessory sales, likely as competition from Amazon continues to pound against its aging tablet product portfolio.
Barnes & Noble said it expects to continue to see declines from its retail and college units throughout the year.