Barnes & Noble: Nook production will catch up with demand 'in next few months'
Barnes & Noble said orders for its nook e-reader accelerated throughout the holiday season, but demand is still outstripping supply. The bookseller said that it expects have stores fully stocked with the nook "in the next few months."
In a statement, Steve Riggio, CEO of Barnes & Noble outlined the nook picture:
"We're pleased we were able to ship all holiday orders for nook in time. Orders for nook remained strong throughout the holiday season, and, in fact, accelerated after we announced that we had sold out our initial supply. Demand remains strong in the New Year and greater than our supply, however, we expect production to catch-up with demand and be fully stocked in our stores in the next few months."
It's unclear whether Barnes & Noble was expecting a big sales pop or additional store traffic from the nook, but its holiday revenue of $1.1 billion was lower than expected. The company's same store sales fell 5.4 percent. Sales at Barnesandnoble.com were up 17 percent from a year ago. The revenue figures include sales of the nook since Thanksgiving.
The company cut its fiscal third quarter earnings to $1.20 to $1.40 a share, down from its previous guidance of $1.30 to $1.50.
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