Sales at bookseller Barnes & Noble (NYSE:BKS) dropped more than expected during its fiscal first quarter due to a drop in sales at its physical storefronts.
The company said losses totaled $62.5 million, or $1.12 per share, compared with profit of $12.3 million, or 21 cents per share in the previous year. On a brighter note, sales of textbooks rose 21% over last year to $1.4 billion.
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Barnes & Noble plans to expand its digital holdings in the coming year by $140 million in an effort to compete with sites like Amazon.com and other online retailers that offer digital media.