The stock was down 14.98% to $4.96 a share on Thursday.
Barnes & Noble guided for EBITDA (earnings before interest tax depreciation and amoritization) of between $140 million and $155 million for fiscal 2019, below Wall Street's estimate of $165 million. The company said part of that estimate is a holiday sales estimate lower than initially expected and "incremental investments."
Earnings per share came in at $1.21 for the third quarter of 2019, beating Wall Street's estimates of $1.07. Sales were $1.2 billion, in line with analysts' expectations of $1.2 billion.
EBITDA in the third quarter missed estimates, coming in at $79.2 million vs. forecasts of $138 million.
"In fiscal 2019, we have been focused on growing the top line, which contributed to our best holiday in years," said Len Riggio, Barnes & Noble chairman. "Sales benefited from our new ad campaign, increased marketing and promotions, and an improved omni-channel experience for our customers. We believe these efforts are laying the foundation for sustained growth."
The stock has declined more than 30% year to date.