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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters EReaders, price war weigh on Barnes, Borders Tue Nov 24, 2009 5:50pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] By Phil Wahba NEW YORK (Reuters) - Top U.S. booksellers Barnes & Noble Inc (BKS.N) and Borders Group Inc (BGP.N) will pay a price for coming late to market with electronic book readers, analysts said. Barnes & Noble cut its full-year earnings forecast on Tuesday on expectations of a tough holiday season and high costs associated with accelerating the production schedule for its Nook electronic reader. The largest bricks-and-mortar U.S. bookseller, reflecting supply chain management issues, said last week it had sold out of its Nook e-readers. Supermarket mogul Ron Burkle and his investment arm, Yucaipa, own a 16.8 percent in Barnes & Noble and have called for better corporate governance at the company. Rival Borders Group posted a loss from continuing operations that was larger than what Wall Street analysts had expected. Sales at stores open for at least a year fell 12.1 percent at its Borders Superstores and 7.2 percent at its Waldenbooks stores. Borders does not have its own e-reader, which some analysts view as a negative. Instead it sellsSony Corp's (6758.T) e-readers in its stores. Borders Chief Executive Ron Marshall defending the lack of a store-branded device told Reuters his company would remain "device agnostic," meaning a user could load any book they wanted onto any e-reader. "Borders has been behind the curve, we don't even know what their plans are" said Michael Souers, a specialty retail analyst at Standard & Poor's Equity Research. "E-book readers will be one of the top holiday items this season." S&P cut its share price targets on both stocks. Both chains appear to have already lost market share to Amazon.com (AMZN.O) and its Kindle device, analysts said. "The first mover advantage that Amazon has is that it's planting in the consumer's mind that Amazon is the No. 1 place to go for an e-book," said Sarah Rotman Epps, an analyst with Forrester Research. "E-books are not cannibalizing anything yet, but they are growing quickly and the dollar value of the book industry will eventually fall," Rotman said. E-books now make up 2 percent of U.S. book sales. Borders shares fell 13.4 percent to $1.74, while Barnes & Noble lost 5.4 percent to $22.25. BOOK BRINKMANSHIP Barnes and Borders are also caught in a price war between Amazon and Wal-Mart Stores Inc's online division (WMT.N), though both companies said investors should not overplay the price brinkmanship. Borders' Marshall said the titles that Amazon and Walmart.com have repeatedly cut prices on represent only 3 percent of its business. Barnes & Noble Chief Financial Officer Joseph Lombardi told analysts that fears over an online price war were "overblown." Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! 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More News UPDATE 3-Zale loss narrower than expected, online sales up Tuesday, 24 Nov 2009 03:46pm EST UPDATE 1-Barnes & Noble posts loss, sees holiday weakness Tuesday, 24 Nov 2009 09:15am EST UPDATE 1-Borders sales fall, net loss bigger than Street view Tuesday, 24 Nov 2009 09:02am EST Barnes & Noble says Nook sold out before holidays Friday, 20 Nov 2009 06:22pm EST AnnTaylor revenue misses; cautious on holiday Friday, 20 Nov 2009 08:39am EST Editor's Choice Slideshow A selection of our best photos from the past 24 hours. 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