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A Deeper Read Into Barnes & Noble's First Quarter

Evan Niu
September 1, 2011

Let's read between the lines of Barnes & Noble's (NYSE: BKS  ) fiscal-first-quarter earnings release.

Investors are glowing on the relative strength of the Nook and the company's digital content sales, while physical book sales slip. sales, which include Nook offerings, rose 37% compared to last year, to $198 million, showing a comparable-sales increase of 65%. Not surprisingly, bricks-and-mortar sales decreased 3%, to $1 billion, with comparable-store sales falling 1.6%. The company's college segment similarly showed declining sales and comps.

Full-year guidance was fairly rosy, with the company projecting BN.c