As was the case with Borders Group (NYSE:BGP) on Wednesday, there's not a whole lot of growth to be found at Barnes & Noble (NYSE:BKS). Simply put, selling books in stores (even if you do so alongside coffee and CDs) just isn't a major growth industry anymore.

Sales for this leading bookseller rose 4% in the third quarter, as sales in the core B&N business were up 4%; through Barnes & Noble.com, up 8%; and at B.Dalton's, down 21%. Gross margin held steady versus last year, though the company did post a small operating loss.

Same-store sales at B&N climbed 1.5%, while B. Dalton's fell 1.6%. Management says the hurricanes dinged comps at the main big-box stores to the tune of 0.5%. That seems like a rather large impact relative to the company's exposure to the affected region, but I'll let that one go for now.

Put very simply, I just don't see where Barnes & Noble is going to produce much growth in the future. I suppose there's always an overseas expansion opportunity, but I wouldn't hold my breath. Simply put, if you want growth tied to books, you're probably best off looking at Motley Fool Stock Advisor recommendation Amazon.com (NASDAQ:AMZN), though most of the growth there won't have much to do with books, per se.

However, Barnes & Noble does seem to produce quite a bit of cash flow -- so much so, in fact, that even if free cash flow stays static forevermore, the stock would still seem to be trading a bit below fair value. I expect, then, that this company will start paying more dividends and spending more on share buybacks over time -- actions that could make the stock more attractive.

Since you don't have growth to bail you out, buying these shares at the right price will be an important part of long-term success. While I realize these aren't the kind of shares that are apt to double in three years' time, this could be an interesting income stock in the making.

Book 'em, Fool-o:

Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares). He's currently making his way through the Piers Anthony collection at his local library.