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Barnes & Noble experienced its first holiday sales drop in three years, and coloring books and Amazon are largely to blame.
Demand for coloring books and art supplies surged last year, but this year people lost interest and the firm’s same-store sales fell 9.1% during the holiday season, Bloomberg reports. The bookstore’s shares fell 7.5% to $10.55, marking the largest intraday fall in nearly four months after the stock gained 24% over the last year.
Barnes & Noble’s poor results come just as Amazon beefs up its brick-and-mortar bookstore presence with plans to add its newest store in NYC. [Bloomberg]
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