One of the most dangerous things investors can do is confuse what they want to happen with what is most likely to happen. Barnes & Noble (NYSE:BKS) is a good example of that Achilles heel for me - I'm a book nerd and very much want this company to succeed. The trouble is, though, that Barnes & Noble's market has changed dramatically, Amazon (Nasdaq:AMZN) and Apple (Nasdaq:AAPL) are formidable competitors, and a sober and unemotional reading of the evidence suggests little more than "maybe" when it comes to the question of whether this company can make it.
Another Tough QuarterUnfortunately, Barnes & Noble's fiscal first quarter results don't offer a lot of encouragement. BKS missed the consensus with its revenue performance, as sales rose a little less than 2% this quarter. Retail revenue was down almost 3% (on a nearly 2% negative comp), while BN.com revenue rose 37% and revenue from the college business fell about 2%.
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