Barnes & Noble, Inc. (NYSE:BKS) shares were hit hard as the company unveiled its latest sales results for the last two months of 2017.
The bookseller had an underwhelming holiday period as less and less people are going to physical book stores to buy gifts, instead opting to buy books online at their convenience, which they can then ship to themselves or someone else’s home.
Barnes & Noble unveiled that its comparable sales fell by 6.4% during the months of November and December of 2017, which are historically the busiest time of the year for the retailer. Half of the decline in sales can be attributed to lower music sales, as well as less people buying DVDs.
Both of these categories have been on the decline across the industry, but were still popular at Barnes & Noble before last year. Even the company’s online business has been lower due to higher competition from other online retailers, as this figure fell 4.5% year-over-year.
In November, Barnes & Noble said it would be shrinking the offerings at its stores by eliminating some toy and gift products in order to bring its focus back to the thing that made it great in the first place: books.
The company said in a press release that it “remains focused on executing its strategic turnaround plan,” including testing the addition of alcohol and coffee products in some locations.
BKS stock plummeted a whopping 14.6% on Friday.