Although shares of Barnes & Noble have seen a 31% since the beginning of the year, the company had some disappointing news on Tuesday when it released second quarter results.
The no. 1 bookstore reported a loss of $20.4 million in its fiscal Q2. It also said it had a loss of 29 cents on a per-share basis.
For the period, Barnes & Noble posted revenue of $858.5 million.
“We did experience sluggish sales, which we believe are directly related to the election cycle,” said CEO Leonard Riggio. “With the election behind us, we hope and expect sales will improve over the holidays.”
So why did shares climb 10%? Harry Potter of course.
Harry Potter and the Cursed Child, the script of a new play partly based on a story by Potterworld creator J.K. Rowling, was released. More than 3.3 million copies have already been sold.
Disclaimer: We have no position in Barnes & Noble, Inc. (NYSE: BKS) and have not been compensated for this article.