Katie O'Brien
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Katie O'Brien in Senior Content Editor,

Barnes & Noble Sees Ups and Downs

Barnes & Noble (NYSE: BKS), the United States' largest chain bookstore, saw a profit decline in the past quarter due to tax increases, according to Reuters. The company was required to pay 55 percent more than usual in income tax and even more due to investments in its new college bookstore initiative.

According to Reuters, shares sunk 7.5 percent Tuesday. Third quarter revenue declined 20 percent to $28.1 million and the company saw a net increase of $72.2 million, equaling about 93 cents per share.