Borders Group had an increase of 5.3% in revenues at same store sales for the third quarter. Barnes and Noble had comparable revenue increase of 5.7%.
Book sales were up 3.1% but music sales had a 13.1% decline at Borders. The gains were said to be as a result of increase in store traffic as there was a 2.8% increase in the number of transactions. The number of discounts to Borders Rewards members may be increasing traffic but the individual transaction was not increasing. Therefore CEO George Jones anticipates that Borders will reduce the discounts in the future.
Barnes and Noble believes that the increased revenue comes from sales of new releases and bestsellers and better than forecasted margins.
Via PublishersWeekly.
Jane
Jane is a long time romance reader whose passion is, you guessed it, reading. She's currently loving contemporary authors like Sarah Mayberry and Karina Bliss but her first love will always be the historical. Some of her old time favorites are Amanda Quick and Johanna Lindsey and some of the new favorites are Sherry Thomas, Joanna Bourne and Claudia Dain. You can reach Jane by email at jane @ dearauthor dot com