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Barnes & Noble Spins Off Nook Into Its Own Entity After Losses

Julia Sun
6/25/14 1:19 PM EDT
Barnes & Noble turned the page on fiscal year 2014 on a dim note due to a decreasing number of Nook users. The bookstore chain posted revenue of about $1.3 billion, only slightly up from last year's number. To make matters worse, costs cut into profits causing the company to post a loss of 72 cents per share. Analysts didn't expect any profit, but were surprised the number was 13 cents worse than predicted. And on that down note, Barnes & Noble is ready to begin a new chapter. The bookstore announced on Wednesday that it is splitting into two separate entities: one for the actual bookstore that readers go in to and the other for the Nook called Nook Media. Analysts don't believe the split will solve the company's core problems going forward. The Nook was the worst revenue generating unit within the company. Forrester Research said, "Being one or two companies doesn't fundamentally change the market situation that Barnes & Noble faces, which is advanced competition on both sides - the retail book operation as well as the digital media space." Barnes & Noble shares were trading higher Wednesday morning.
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