Wednesday 22 June 2016 11:10 pm

Shares in bookseller Barnes & Noble jump as it adapts to Amazon challenge

Shares in Barnes & Noble jumped following the book giant's latest set of results which showed it's adapting to the challenge from Amazon.

The group said it expects sales at its retail stores open at least a year to stay flat or rise by up to one percent this fiscal year, beating market expectations for an increase of 0.6 per cent.

The bookseller has struggled due to the rise of Amazon which is eating into its market share. But Barnes & Noble is fighting back by offering a wider range of products at lower prices.

The news sent its shares 5.8 per cent higher to $10.44 per share in after hours trading.

It came as the firm's net loss widened to $30.6m (£20.86m) in the quarter ended 30 April, down from $19.4m a year earlier.

Total revenue was $876.7m during this period, slightly below analysts' forecasts for $889.2m.

"As we look ahead to fiscal 2017 and beyond, we are focusing on executing a number of initiatives to grow bookstore and online sales, reduce Retail and Nook expenses and grow our membership base," Ron Boire, chief executive officer of Barnes & Noble, said.

"We believe our marketing, merchandising and membership initiatives will lead to increased traffic and conversion in our stores," he added.