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Barnes & Noble sees ‘Fifty Shades’ of green
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Revenue from devices dropped partly because of lower prices. Chief Financial Officer Michael Huseby said Nook prices were about 23 percent lower than a year ago.
Earlier this month Barnes & Noble announced that it was cutting the price for its less-expensive model Nook tablet computer by $20, undercutting Amazon’s Kindle Fire. The New York company said it was lowering the price for the 8-gigabyte model Nook tablet to $179 from the current $199. The Kindle Fire, with 6 gigabytes of memory, sells for $199. Barnes & Noble also announced a $50 reduction, to $199 from $249, for its 16-gigabyte Nook tablet.
Device sales were also hurt by Barnes & Noble’s inability to get enough of its e-readers with the Glowlight feature to market to meet demand. The Glowlight emits low-level light to help with bedtime reading.
“Device unit growth and digital content growth would have been materially higher, if not for the production shortages,” Lynch said.
Barnes & Noble also maintained its prediction for a mid-single-digit decline in fiscal 2013 revenue at bookstores open at least a year. Revenue from college bookstores open at least a year is still expected to be flat.
Shares of Barnes & Noble fell 48 cents, or 3.9 percent, to close at $11.87 Tuesday. For the year to date, the shares are off 18 percent and far below their 52-week high of $26.
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