Barnes & Noble shares fall as Nook losses grow

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Associated Press

Posted on February 14, 2013 at 11:02 AM

Updated Thursday, Feb 14 at 12:02 PM

Barnes & Noble Inc. shares are lower Thursday after the retailer said it expects losses from its Nook e-reader business to be larger in 2013 than the year before.

The book seller has invested heavily in its Nook business as consumers increasingly shop online and read e-books. But the Nook faces tough competition from other devices like Apple's iPad Mini, Amazon's Kindle and Google's Nexus tablet.

Barnes & Noble said Wednesday after the market closed that it expects Nook media revenue of less than $3 billion. It also anticipates a loss for the unit from earnings before interest, taxes, depreciation and amortization to exceed the $262 million loss recorded in its 2012 fiscal year.

Shares sank nearly 6 percent to $13.36 in Thursday morning trading.

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