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Barnes & Noble Inc lowers sales guidance

Turnover this year to April will decline by single digits compared a previous forecast of up to 1% growth

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Barnes & Noble's book shops are battling an online onslaught

Barnes & Noble Inc (NYSE:BKS) shares tumbled 5 % as the embattled book retailer slashed its sales guidance for the current trading year.

Barnes is restructuring to compete with the likes of Amazon but due to weaker than expected sales this quarter  now expects turnover this year to April will decline by single digits compared a previous forecast of up to 1% growth.

Guidance of underlying profits [EBITDA] for the year was unchanged at US$200-US$250mln.

The group fired its chief executive Ronald Boire recently describing him as not a good fit with the company. Executive chairman and former CEO Leonard Riggio has taken over on a temporary basis.

In the three months to July, retail like-for-like sales fell by 6% with revenues of the Nook e-book lower by almost a quarter at US$41mln.

Total sales in the quarter were down 6.6% to US$919mln while there was a net loss of US$14.4mln or US$7.8mln from the ongoing business.

Shares dropped 5% to US$11.70 valuing the group at US$825mln.

Quick facts: Barnes & Noble Education

Price: 3.43 USD

NYSE:BNED
Market: NYSE
Market Cap: $163.29 m
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