Harry Discounts Hurt B&N Financials

Booksellers were expecting a blockbuster summer with a new Harry Potter in play. But Barnes & Noble reports disappointing sales “The company’s sales rose just 6 percent, to $1.17 billion. Analysts had been expecting sales of $1.18 billion on a bigger boost from the sixth volume of the Harry Potter saga, “Harry Potter and the Half-Blood Prince.” The new book about the boy wizard sold more than 8.9 million copies in the first 24 hours it was on sale in the United States and Britain, becoming the fastest-selling book in history, according to publishers. But retailers cut heavily into their profits on the book, selling it at discounts of more than 50 percent to lure customers into stores.”