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Barnes & Noble shares pop on solid sales forecast

Barnes & Noble
Michael Nagle | Bloomberg | Getty Images

Shares of Barnes & Noble gained nearly 8 percent Thursday, following the company's optimistic outlook for 2017 as detailed in its 2016 year-end results.

The retail bookseller expects comparable bookstore sales to range from approximately flat to an increase of approximately 1 percent, more than what some analysts were expecting.

"As we look ahead to fiscal 2017 and beyond, we are focusing on executing a number of initiatives to grow bookstore and online sales, reduce retail and Nook expenses and grow our membership base," said Ron Boire, chief executive officer of Barnes & Noble.

According to its year-end report, the company also plans to open four new concept stores later this year with the first opening this October in Eastchester, New York.

Barnes & Noble shares have climbed more than 29 percent in 2016.