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| THE NOOK |
Fresh on the heels of bookseller Borders filing for bankruptcy, Barnes & Noble has announced its latest financial results, which cover its third fiscal quarter of 2011. Although the company saw a significant dip in profits compared to the same quarter last year, the bookstore is making a bold claim: according to CEO William Lynch, Barnes & Noble now accounts for 25 percent of the U.S. ebook market. That’s a larger share of the company’s share of the U.S. physical book market, and Barnes & Noble says it’s selling twice as many ebooks as physical books in any format from its online store.
“We’re pleased with our financial results this quarter, but just as importantly, the third quarter was another big quarter for the company from the standpoint of key strategic progress that positions us well for the future,” said CEO William Lynch, in a statement.
Speaking with analysts, Lynch indicates that the company believes its retail locations are an important factor in selling Nook e-readers, and that the company might consider moving into some locations being closed down by Borders
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