Barnes & Noble has reported an 8.8% decline in its revenues to $2.2bn for the third quarter of fiscal 2013.
For the third quarter of 2013, the company posted a net loss of $6.1m, or $0.18 diluted loss per share, compared to a net income of $52m, or $0.71 diluted income per share, for the same period last year.
Revenue at the company’s Nook business, which includes devices, digital content and accessories, fell 25.9% to $316m.
Digital content sales increased 6.8% for the quarter despite the decline in Nook device sales.
The Retail segment, which consists of the company’s bookstores and BN.com businesses, reported a 10.3% decline in revenues to $1.5bn for the quarter.
The College segment, which consists of the company’s College bookstores business, had revenues of $517m, decreasing 1.6% as compared to a year ago.
Barnes & Noble chief executive officer William Lynch said that going forward Nook Media still remains committed to its tablet and e-Reader business. "Nook Media has been financing itself since October of 2012 due to the strong investment partners we’ve been able to attract in Microsoft and Pearson," Lynch said.
Earlier this year, Barnes & Noble sold a 5% stake in its subsidiary, Nook Media, to British publishing and education firm Pearson for $89.5m.
For fiscal year 2013, the company expects Nook Media revenues, which includes the Nook and College businesses, to be about $2.5bn.
